NAVIGATING PROBATE IN NEVADA
Probate is the legal process of transferring ownership of property from a deceased person to the deceased person’s heirs. At first the process
may seem overwhelming, but your attorney can guide you and your loved ones through the process. Below are some of the major steps taken during
the probate process:
- Appointment of the Personal Representative (also called an Executor or Administrator).
- The Personal Representative is the person in charge of managing the probate estate and moving the estate forward towards final distribution.
This person is also responsible for gathering, preserving and managing the estate assets during the administration of the estate and
is the person who signs all legal documents on behalf of the estate.
- Admitting the Last Will & Testament to Probate.
- During this step, the Personal Representative files the Last Will & Testament with the court and asks that it be formally accepted
by the court as the Last Will & Testament of the Decedent.
- If there is no Last Will & Testament, the court will proceed without a Last Will & Testament and at the end of the probate, the
assets will be distributed to the closest living relatives as determined by Nevada law.
- Handling the Estate’s Creditors.
- The Personal Representative is in charge of publishing a “Notice to Creditors” and sending notice to any known creditors as outlined in
Nevada Law. Creditors have a certain period of time to file claims against the estate. Upon the court’s approval, the Personal Representative
distributes funds to the creditors in satisfaction of their claims.
- Filing an Inventory of Estate Assets.
- Nevada law requires that the Personal Representative file an inventory of estate assets with the court within sixty (60) days of their
appointment. The inventory must contain a list with all of the estate assets and their respective values.
- Selling Property.
- If the estate owns property that needs to be sold, such as the Decedent’s residence, the property can be sold during the estate proceedings.
If there are sufficient assets to pay creditors (if any), the beneficiaries may elect to receive the property outright.
- Accounting for Estate Assets.
- The Personal Representative must account for the assets under his or her control during the estate proceedings. This includes a thorough
accounting of all the receipts, disbursements and gains during his or her tenure as the Personal Representative.
- Completing the Tax Returns for the Decedent and the Estate.
- The Personal Representative must complete the Decedent’s final income tax return.
- In many cases there will also be a tax return due for any income the estate received from the date of death until final distribution of
the estate assets.
- If the estate is large in value, the Personal Representative may also be required to file a Federal Estate Tax Return, called a Form 706.
- Final Distribution.
- Once the administration of the estate is complete, the Personal Representative can ask the court for a final distribution of the estate
assets to the beneficiaries. The Personal Representative must receive court approval prior to making any distributions.
- Discharge of Personal Representative.
- Upon completion of the Personal Representative’s duties under Nevada law, the Personal Representative must ask the court to be discharged
and released. This step concludes the probate process.
Each step of the probate process must be done carefully and with the court’s supervision. There are many requirements under Nevada law during a
probate administration and there can be many traps for the uninformed. At the Law Offices of Jeffrey Burr, we have been compassionately helping
families navigate the probate process for 35 years. Contact us today for
a free 30-minute in-house consultation.