What is probate?

Taxes and Fees

• Based on the value of the estate, death taxes may be due. Generally, an estate must be over the applicable unified credit against the estate tax to incur death taxes.

• Probate fees in Nevada are negotiated between the executor or administrator and the attorney.
These fees can be charged either on an hourly rate or based on a percentage of the probate estate as outlined in the state statutes.

Intestacy

A person who dies without having executed a Will dies "intestate," meaning that his or her property is
distributed according to the state succession statutes. Following is a chart detailing Nevada's intestate
succession statutes.

INTESTATE SUCCESSION, NEVADA REVISED STATUTES CHAPTER 134

What is Probate?

Probate is a court-directed procedure which provides for supervision of the distribution of a deceased person's assets in accordance with the instructions left in that person's Will, or in accordance with the state's statutes if no Will is found.

Advantages

• Court supervision
• Protection from theft or misuse

Disadvantages

• Can be a complicated procedure
• Expensive
• Potentially slow process
• All information becomes public record

Which assets require probate?

Assets Requiring Probate

• Assets, registered or titled, in the deceased person's name alone, such as a car, bank account, home, etc.
• The deceased person's portion or share of an asset when the asset is registered as tenants in common with other people
• Assets which are owned but not registered, such as antiques, fine jewelry, art collections, etc.

Assets Not Requiring Probate

• Assets held in joint tenancy
• Assets held in a living trust
• Most life insurance benefits
• Retirement benefits

Types of Administration Necessary

The size of the estate affects the level of administration required:

• Affidavit of Entitlement - estate less than $20,000 (no court filing necessary)
• Set Aside - estate less than $100,000 (after deducting mortgages) (minimal court administration)
• Summary Administration - estate between $100,000-$200,000 (court supervision required)
• Regular Administration - estate over $200,000 (court supervision required)

Steps involved in Administration of Probate

1) Locate a Will or other estate planning documents

a) If there is a Will, identify and contact the named executor. The executor does not need to be a Nevada resident.

b) Will must be filed with the district court clerk within 30 days of death.

c) If there is no Will, statutes outline a priority of who may serve as an administrator. The administrator does need to be a Nevada resident, at least 18 years of age and court approved. The administrator can be a trust department, public administrator, friend, relative or attorney.

2) The named executor in the Will or the nominated administrator should:

a) Hire an attorney and initiate court proceedings as soon as possible. The probate attorney does not have to be the one who prepared the decedent's estate planning documents.

b) Take possession of and title to all assets subject to probate. An inventory of all assets is also required.

c) Obtain as many copies ofthe death certificate as are necessary to collect insurance, transfer joint tenancies, etc.

d) Pay all bills and debts as outlined below:

i. Funeral expenses, mortgage payments, utility bills, etc., can be paid without any special legal proceeding.

ii. Written notice of the decedent's death must be sent to all known creditors. Creditors then have 90 days to submit claims, which must be approved by the executor or administrator.

e) Distribute remaining assets to named or intestate heirs.