four Methods Relying on Worth of Property

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4 Ways Depending on Value of Estate

If a person dies, the property of the deceased must be distributed. Ownership either goes to the persons named in the deceased's will or in accordance with the standard laws of the state in which the deceased lived if they did not leave a will. Nevada, like all states, has specific legal requirements for estate management. The inheritance process must meet these requirements to transfer ownership under the Nevada State Law. The experienced lawyers at Lee, Kiefer & Park, LLC can help you manage the process.

Lee, Kiefer & Park, LLC's lawyers have extensive estate experience. The managing partner Kennedy Lee has been a lawyer for trust and estate law in Nevada since graduating from the law school in 2011. Mr. Kiefer and Mr. Park focus on litigation related to trustee and estate administration. Mr. Lee and his partner Matthew Park receive the highest possible rating from the renowned peer-based lawyer rating service Martindale-Hubbell. The experience of the three partners is complemented by the experience of Suzanne Fitts, a 1989 law graduate who serves as a consultant to the firm.

Overview of the estate process in Nevada

The estate process from a bird's eye perspective is to locate the deceased's will, if the deceased had one, to collect the deceased's assets, pay the deceased's debts and taxes, and then distribute the rest of the property to the deceased's beneficiaries or heirs . This happens with different proportions of the probate court. In general, the estate process becomes more complicated as the value of the estate increases. Hence the first step in estate to determine the value of the estate.

Small lands

If the deceased was not interested in real estate and the estate is worth $ 25,000 or less, the deceased's estate can avoid a probation test using a small affidavit. If the person who is entitled to inherit the deceased's estate is a surviving spouse, the small affidavit can be used for an estate of up to $ 100,000. The affidavit lists the property of the deceased, states that debts and taxes have been paid, and states that the person who submits the affidavit is entitled to the rest of the estate. No further probate proceedings are required.

Put the stands aside

If the value of the estate does not exceed $ 100,000, the estate can be reversed without administration on the basis of only one brief at the court. This means that there is minimal participation in the probate. The person requesting a removal submits an application to the probate court to request authorization to remove the property of the estate to those who are entitled to inherit it. If the legal requirements are met after a court hearing, the court signs a decision that allows the suspension. There is no further probate proceedings. The court order can then be used to transfer ownership or ownership of the assets.

Summary administration

This inheritance process is available for land valued at no more than $ 300,000. The process enables a truncated estate process. In order for the court to allow summary administration, the court must determine that summary administration is advisable "taking into account the nature, character and obligations of the estate". Following this finding, some of the procedures required for the full probate are revised and are less stringent.

General estate management

If the value of the estate exceeds $ 300,000, the estate is subject to general administration. The general estate procedure requires many steps for the personal representative. The court must approve most of the measures that the personal representative takes when managing the estate.

The inheritance procedure for general administration

General administration may not be required depending on the value of the estate. If so, these are the general steps in the estate process:

  • The designated personal representative must find the original will if the deceased left one.
  • This person must apply for estate in the county where the deceased lived within 30 days of death.
  • In the application for inheritance, it is requested that the person be appointed personal representative, as stated in the will of the deceased. If the deceased has not left a will, the petition requests that a close family member be appointed as a personal representative.
  • The personal representative provides the legal notices of all court hearings and publishes a notice to the creditors in a newspaper in which the deceased lived. The creditors have three months to present their claims.
  • The personal representative compiles the assets, takes stock of the assets and debts of the estate and submits them to the court.
  • Certain actions may require judicial direction to proceed. Other lawsuits require judicial authority.
  • Finally, the personal representative submits a petition requesting the authority to pay the deceased / estate's outstanding debts and to distribute the rest to the beneficiaries.
  • Once all of the assets have been distributed, the property is closed.

Each of these steps must be done properly and accurately. If you or someone you know need an experienced trust administration lawyer in Nevada, whether in Las Vegas, Henderson, Reno, or Carson City, please contact Lee, Kiefer & Park, LLC for free advice , either using the online form or by calling 702-333-1711.