Probate
Guardianship

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

Unfortunately, probate is not always a simple procedure. Administration of an estate through probate is much more expensive and is far more slow than administration under a living trust.

All the documents and information submitted as part of the probate proceeding become part of the public record. Consequently, the Will including all of the dispositive directions of the decedent and a detailed inventory of the decedent's property become recorded and viewable by anyone. Court proceedings can also cause delay in final settlement of an estate due to the notice requirements, or simply due to congestion on the court calendar.

To know more, Click on the links below.

	Step-by-step Instructions
	Assets Requiring Probate
	Assets Not Requiring Probate
	Types of Administration Necessary
	Appointment by Court
	Collecting Assets
	Payment of Bills and Debts
	Sale of Assets
	Current Tax Law and Probate Fees
	Closing the Estate
	Choosing an Attorney

To protect family assets upon a person's death, the following procedures are suggested:

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.      i. The original Will must be filed with the county clerk within 30 days of death
	b) If there is no Will, the heirs should nominate an administrator, who must be approved by the court. An administrator can either be a trust department, public administrator, friend, relative or an attorney. Under Nevada law, the administrator (other than one appointed in the Will) must be a resident of Nevada and at least 18 years of age.
2)	The named executor in a Will or the nominated Administrator should:
	a) Hire an attorney and initiate court proceedings as soon as possible in order to protect and secure the assets of the deceased;
	b) Take steps necessary to inventory and secure all assets;
	c) Obtain the death certificate and as many copies as will be needed to collect insurance, transfer joint tenancies, etc.

While not all assets that the decedent owned are subject to probate, the following assets are subject to the probate process:

	Assets in the deceased person’s name alone;
	One-half of each asset registered as community property in the decedent’s name with his or her spouse;
	The deceased person’s portion or share of an asset where the asset is registered as tenants in common with other people;
	Assets, which are owned but are not registered, such as furniture, jewelry, etc.

Certain assets may be transferred without the need of any probate procedure, including:

	Any asset held in joint tenancy;
	Any asset held in a living trust;
	Most life insurance benefits;
	Retirement benefits

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 $75,000 (after deducting mortgages) (minimal court administration)
	Summary Administration - estate $75,000 - $200,000 (court supervision required)
	Regular Administration - estate over $200,000 (court supervision required)

After the petition to approve the Will is filed, a notice of the court hearing must be published three times in a local newspaper. In addition, a notice of the court hearing must be mailed at least 15 days prior to the person’s heirs at law (those people who would inherit if he or she died without a Will), and any other alternate executors named in the Will.

At the court hearing, if all has been completed and there are no objections, the court will then admit the Will to probate and appoint the executor or administrator. The executor or administrator must now file a special form with the court titled “letters testamentary” or “letters of administration.” These “letters” will be necessary later when the executor or administrator takes legal action or transfers assets.

After the appointment the executor or administrator must take possession of all of the decedent’s assets subject to the probate process. Assets in joint tenancy, assets in a living trust or assets subject to a beneficiary designation are not part of the probate and are not collected.

The title to these assets must be changed into the name of the executor or administrator. Mutual funds, stocks, brokerage accounts, bank accounts, real property, vehicles and other assets should be changed over. After collecting the assets, it is necessary to prepare an inventory listing of these assets.

Once the executor or administrator has been appointed by the court and obtains the money of the estate, bills can be paid. Funeral expenses, mortgage payments, utility bills, can be paid without any special legal proceeding.

A creditor may be required to submit creditor's claim to the estate. This is a court form which must be completed by the creditor and approved by the executor or administrator. Written notice must be sent to all known creditors.  In general, a creditor has 90 days to submit a claim. If that creditor does not know of the death, they can petition the court beyond the 90 days, but not more than one year past the date the executor or administrator was appointed.

The executor or administrator can reject the creditor's claim. If this occurs, the creditor must file a lawsuit within 60 days of the rejection. In most cases, the estate does not involve creditor's claims and the executor or administrator pays the outstanding bills with no objections.

During probate, it may be necessary to sell some or all of the estate assets. Assets may have to be sold to pay taxes, fees and debts. The executor or administrator should prepare a budget with an estimate of the federal estate tax, fees for the executor and attorney, administrative costs, cash bequests under the will, and debts or claims. If there is insufficient cash available, then a decision must be made on which assets are to be sold. If there is sufficient cash available, then no assets need to be sold, but still can be sold if the Executor so decides.

The court must approve the sale of each asset before the executor or administrator may sell during a probate proceeding. A court order or court hearing may be necessary for different types of assets.

If a deceased person's estate is valued at less than $1,500,000 and is located in Nevada, there are no federal or state inheritance taxes due. Probate fees in Nevada are negotiated between the executor/administrator and the attorney. Fees are usually negotiated to be an amount equal to a percentage of the probate estate.

The executor or administrator will be responsible to have the estate pay for any federal or state taxes due to the estate. Also, a personal income tax return will also need to be filed for the calendar year the decedent died. In some instances, a Federal Estate Tax Return will need to be filed if the decedent's estate was above $1.5 M.

Once the estate assets have been inventoried, the period for filing creditor's claims has expired and all claims have been paid or resolved, the necessary assets have been sold, and all required tax returns have been filed, and taxes due paid, then the estate can be distributed. A court order must be obtained to make the final distribution after submitting a final court accounting. If everything is in order and there are no objections, the court will order a conclusion of the estate, order the fees paid, and the assets distributed.

It is very important that you select a law firm that has considerable experience in probate and estate planning. There is no legal requirement that you hire the attorney who prepared the Will.