Even in the best of situations, probate has many complex legal requirements. This overwhelming process can be simplified with the aid of an experienced Henderson probate lawyer. The team at Simplifying Probate is equipped to help you open probate, execute a will, resolve obstacles, and protect your loved one’s estate when no valid will exists. Contact Simplifying Probate today to learn more about how we can help you.
Why You Should Choose Simplifying Probate
- Simplifying Probate operates on core values of compassion, empathy, and respect, and we provide the support you need to navigate this difficult time.
- Our team applies a unique approach to help you settle your loved one’s estate faster, simpler, and easier.
- We have an in-depth knowledge of Nevada’s probate laws, the local court system, and effective strategies for resolving complex cases.
- Our attorneys work diligently to make sure estates are settled fairly and the rights of all applicable parties are protected and upheld.
What Constitutes Probate in Henderson, NV?
With a few exceptions, all estates must pass through probate after an individual dies. This process catalogues the value of an estate, settles the decedent’s debts, and distributes assets to heirs and beneficiaries. Probate is overseen by the court, and its level of involvement depends on the value of the estate and whether or not a valid will exists.
Probate is opened when the estate’s executor, administrator, or lawyer delivers the will to the court clerk in the county where the decedent died. This individual has 30 days to open probate when the estate is valued at more than $25,000, and 40 days when it is valued below that amount. The estate is then resolved by general probate. However, for large estates valued between $100,000 and $300,000, summary administration is used to streamline the legal process.
Contested Wills
There are times when the validity of a will is contested on the grounds of competency, duress, or fraud. This incites a trial before a judge and jury to verify the will’s validity and determine whether it should be upheld or revoked. Wills may only be contested by heirs and beneficiaries of the estate. They will be required to submit a petition to the court, and all other heirs and beneficiaries will be notified.
Nevada Settles Estates Without a Will
Unfortunately, more than half of the U.S. population does not have a will due to inaction or a belief that they do not have sufficient assets to create a will. This creates a bigger problem when individuals pass away and their estate must be settled and distributed by the court rather than according to the decedent’s wishes.
Dying without a will is known as dying intestate, and Nevada’s succession laws dictate how assets must be divided up. For decedents who were married, their spouse is the primary heir. The estate is divided up between the spouse and descendants if the couple had biological or adopted children. If neither party exists, then assets are distributed to parents, siblings, and next of kin in that order. When no family is present to claim the estate, it is claimed by the state and used for educational purposes in Nevada.
Common Responsibilities of Executors and Administrators
Probate requires an executor or administrator to handle the estate and legal process on the decedent’s behalf. To act in this position, an individual must be named in the will or appointed by the court. They must also not be a minor, not have a felony conviction, and not be physically, mentally, or financially incapacitated according to NRS 138.020. Their responsibilities require them to:
- Open probate
- Conduct an inventory and appraisal of the estate
- Handle the financial responsibilities of the estate
- Identify and pay creditors for debts of the estate
- Pay applicable federal estate taxes and other applicable fees
- Distribute assets and properties to heirs and beneficiaries
- Submit documentation to the court and communicate with them as necessary
- Close the estate
This process can be complex and confusing, so it is essential to hire an experienced probate lawyer who can provide counsel and guidance.
How Long Does Probate Take in Nevada
Probate generally takes 10-12 months to resolve in Nevada. This estimate can vary, though, depending on several factors. For example, large or complex estates typically take more time to inventory and settle. Contested wills will add litigation measures to the probate process. Estates with no wills take more time and court involvement to determine who is entitled to inherit from the estate. An experienced lawyer knows how to streamline this process so an estate can be resolved as swiftly as possible.
Probate and Federal Estate Taxes
Nevada is one of several states that do not impose any tax on estates or inheritances. However, the federal estate tax does apply depending on the value of the estate. The current threshold for estate tax exemptions is $13.99 million for individuals and $27.98 million for married couples. The estate tax does not apply if the estate’s value is below this threshold.
For estates valued above the threshold, heirs must pay tax on the excess value. Taxable amounts are broken into ranges, and different tax rates apply based on where the value of the estate falls.
It is important to note that tax thresholds change each year, so it is important to verify the most current numbers at the outset of probate. New legislation could also impact and potentially lower this number in the future. Seek the counsel of a lawyer to understand your tax obligations pertaining to your loved one’s estate.
Call Our Henderson Probate Attorneys Today
Simplifying Probate guides you through the complexities of probate and prepares you for the implications for your future. Our qualified team can handle probate cases that range from simple to complex and secure the best outcome for the estate and its heirs and beneficiaries. We provide exceptional and compassionate service regardless of the probate situation you are facing. Contact our Henderson probate attorneys today at (702) 800-8354 schedule a free appointment and begin the probate process.