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Probate and
Probate Administration |
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Probate and probate administration is the legal process by which a
person's debts are paid and assets are distributed after death. Probate
is a court-monitored process of proving the validity of a will,
transferring property, and settling the affairs of the deceased's
estate. If there is no will, a similar process known as Probate
Administration is used to settle the affairs.
In Nevada, if there are no real estate holdings and the value of the
estate does not exceed $20,000, certain surviving family member(s) or a
person entitled to inherit the property from the estate may initiate
proceedings 40 days after the death. Without any court proceeding, these
parties may use a form called Affidavit of Entitlement permitting the
release of the assets from any person or business holding those assets
(such as a bank, stock brokerage company or pension plan administrator).
If the total amount of the deceased person's assets does not exceed $100,000, minus any liens, encumbrances and debt, a special petition to the court by the beneficiary or heirs may allow the estate to be "set aside" and distribution made without further court proceedings. The petitioner will receive a court order directing the distribution of the estate property.
If the deceased person's estate has a net value exceeding $100,000, but does not exceed $200,000, the estate must proceed through probate by "Summary Administration", which provides for a somewhat simplified procedure. If the deceased person's estate has a net value exceeding $200,000, the estate must proceed through probate by "General Administration," where the procedure is somewhat more extensive. The Administrator or Executor will receive a document called "Letters Testamentary" or "Letters of Administration" which will be issued by the court, and outlines the Administrator's or Executor's authority and responsibility.
In a routine probate proceeding, you can expect a minimum probate period
of from 120 to 240 days. This allows for publication of creditor notices
and gives creditors time to file claims. However, probate and estate
administration often take much longer if complications arise.
McFarling Law Group can confidently navigate through the probate
proceedings and the court filings in order to complete the process as
efficiently as possible.
McFarling Law Group is committed to providing the highest possible level of legal representation assisting you now and in the future.
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