probate process in nevada
TRANSCRIPT
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Retirement Planning in Nevada www.wealth-counselors.com 1
BRYCE L. RADER RENO NEVADA PROBATE ATTORNEY
THE PROBATE PROCESS IN
NEVADA “In Nevada, if the deceased person’s assets exceed $20,000, or
if there is real estate involved, probate is normally required.”
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Probate is a court proceeding required for most estates in order to transfer
property and settle the affairs of the deceased. In Nevada, probate refers to
estates where a will exists. The court will establish the validity of the will and
then settle the estate. If there is no will, Nevada refers to the process as
Administration of the estate.
WHEN DOES A PROBATE NEED TO BE OPENED?
Generally speaking, the probate needs to be opened as soon as possible after
the person’s death. Not all estates must be probated. In Nevada, probate is
required depending on the size of
the estate. If the deceased
person’s assets exceed $20,000,
or if there is real estate involved,
probate is normally required.
When someone dies, the person
in possession of that person’s will
is required by law in Nevada to
deliver the will to the clerk of the
court within 30 days.
If the value of the estate does not exceed $100,000, a petition can be filed in
court, requesting that the estate be “set aside.” This means the distributions
can be made without further court intervention. The petitioner receives a court
order that directs the distribution of the property.
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SUMMARY ADMINISTRATION VS. GENERAL ADMINISTRATION
If the value of the estate is between $100,000 and $200,000, the estate can
proceed through probate by “Summary Administration,” which is a more
simplified procedure. If the value exceeds $200,000, it must proceed through
probate by “General Administration.” In cases of General Administration, the
executor or administrator will receive letters issued by the court, which spell out
their responsibilities and the extent of their authority over the estate. Nevada
does not impose residency restrictions on executors.
HOW DO I START PROBATE OR ADMINISTRATION
PROCEEDINGS?
The probate process begins when a
relative of the deceased files a
Petition for Issuance of Letters
Testamentary or Administration,
depending on whether a will exists.
You can open a probate or
administration on your own, but it is
strongly recommended that you
consult with an estate planning attorney. An attorney experienced in probate
can guide you through the process and provide assistance if there are any
disputes or unforeseen complications. The cost of probate or administration of
an estate varies based on the nature of the estate and how complicated the
estate issues are.
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WHEN IS PROBATE NOT REQUIRED IN NEVADA?
If there is no real estate involved and the value of the estate is less than
$20,000, certain individuals are allowed to initiate probate proceedings 40 days
after the death of the deceased. Those individuals are either surviving family
members of someone who inherits property from the estate. In this situation, no
court proceeding is required. Instead, these certain parties will submit an
Affidavit of Entitlement, which authorizes the release of the assets of the
deceased.
HOW LONG DOES PROBATE OR ADMINISTRATION TAKE?
Usually, probate proceedings can take anywhere from 120-180 days. This
amount of time is required in order to allow for publication of notices to creditors
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and for their claims. The process can take longer if there are any complications.
Many clients ask whether executors or administrators are personally liable for
these debts. The answer is, generally, no. However, these individuals are
legally obligated to act in the best interest of the estate and the beneficiaries. As
such, it is common for executors and administrators to consult with estate
planning attorneys with regard to their duties and obligations.
CAN PROBATE BE AVOIDED?
There are some disadvantages of probate proceedings which cause some
individuals to take steps to avoid probate. One of the more common reasons is
that probate is a very public proceeding. This means that anyone who may be
interested can access your probate records, which are open to the public.
Another reason is that probate can be very expensive, depending on how
complex the assets and property are.
It is not very difficult to avoid probate. There are various estate planning
methods available to make sure your property passes to the heirs you choose
without going through probate. Some of these tools include revocable living
trusts, pay-on-death accounts and registrations, joint ownership of property and
gifts. It is best to consult with an estate planning attorney to determine the
options that may be best for you.
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If you have questions regarding probate, or any other estate planning issues,
please contact Anderson, Dorn & Rader, Ltd., either online or by calling us at
(775) 823-9455.
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About the Author
Bryce L. Rader
Bryce L. Rader, a shareholder of the law firm, practices primarily in the
areas of estate planning, probate, trust administration following death or disability and long term care planning, including guardianships and
other Elder law matters.
With a law degree and a Master of Health Administration from the top health law program in the nation Mr. Rader began his career in public
service with the Nevada State Board of Medical Examiners. While with the Board he dealt with many complex health care issues confronting
the state and assisted in redrawing state health law. Mr. Rader next worked for the Governor’s Office, Consumer Health Assistance. As Deputy Chief Ombudsman he represented the interests
of many citizens before health care providers, state legislators and other state agencies.
EDUCATION
Mr. Rader earned a bachelor’s degree in Spanish from the University of Nevada, Reno in 1996.
He then went on to earn a law degree from Saint Louis University School of Law and a Master of Health Administration from the Saint Louis University School of Public Health in 2000. He is
a member of the National Academy of Estate Planning Attorneys, the National Academy of the Elder Law Attorneys, the Academy of Special Needs Planners, the Northern Nevada Estate Planning Council, and the Washoe County Bar Association. He is also member of the Probate
and Trust and Elder law sections of the state bar and a founding member of the Washoe County Probate Bar Association.
PERSONAL
As a fourth generation Nevadan Mr. Rader has an intense love for his native state and its
surrounding environs. He is an avid outdoorsman who enjoys backpacking and fishing with his wife and volunteering his time with the Boy Scouts of America.
Anderson, Dorn, & Rader, Ltd. Legacy and Wealth Planning Attorneys 500 Damonte Ranch Parkway, Suite 860
Reno, NV 89521 Phone: (775) 823-9455
Fax: (775) 823-9456