Administering a loved one’s estate after they pass can be a complicated and confusing process to deal with in the midst of your grief. If you were trusted with handling their estate, you may be wondering how to handle your deceased loved one’s estate accurately and with care. At Simplifying Probate, our probate lawyers in Las Vegas are there to help you understand the legal process of administering an estate.
Contact our firm online today to schedule a free consultation.
Determining if Probate Is Necessary
The first step to handling a loved one’s estate is determining if it fits the requirements to go through probate, the court-monitored process of administering a will. Under Nevada Law, an estate is required to go through probate if the total value of the estate is valued over $20,000 or if real estate is involved. If probate is not necessary, an Affidavit of Entitlement will permit the release of remaining assets to those set to inherit the property.
Initially, Nevada law requires a 30-day waiting period prior to beginning the probate process. This time frame allows you some time to gather resources and speak with an experienced probate attorney to make sure your loved one’s legacy is handled with care. You can also take some immediate steps to protect the estate.
Securing the Estate and Assets
The first step you should take in administering an estate is to secure all assets to make sure no one takes advantage of your loved one’s death. This includes documenting all items of value, such as family heirlooms, jewelry, vehicles, and other valuables.
Make sure vehicles are moved to a safe location, such as a locked garage. Consider changing the locks on the family home if there is any concern about caregivers or other family members having spare keys. While you want to trust that a family member or other trusted person will respect your position as administrator of the estate, it is better to be safe than sorry.
Notify Financial Institutions
To prevent identity fraud and safeguard the estate, notify all banks and credit card companies immediately. If the deceased received Social Security or veterans benefits, notify those groups as soon as possible to prevent additional payments that will have to be paid back.
Centralize All Documentation
Locate all important documents, including the original will. This will need to be filed with the Nevada probate courts within 30 days, according to NRS Chapter 136. Order additional copies of the death certificate, which is required for many financial institutions and other legal filings. Forward all mail to your address to make sure you do not miss any bills or account statements that might otherwise be overlooked.
Navigating Nevada Probate Court
After the initial 30-day window, the probate court process will begin. If you are named in the will as an executor, the court will grant you the powers of a personal representative to oversee the process. If there is no will, the court will appoint an administrator.
The first step will be to notify creditors, typically by publishing a notice in the local newspaper, to come forward with any debts that remain unpaid. If this deadline is missed, the debt will most likely be cleared. After all debts, funeral expenses, and taxes are paid, the assets can then be distributed in accordance with the will. Nothing should be distributed to beneficiaries prior to the final accounting.
Probate can be complicated, and if assets are distributed in the wrong order, the personal representative of the estate may be held responsible for making up the difference. Speaking with a Las Vegas probate administration attorney can help you avoid any of these legal pitfalls and make sure your loved one’s estate is handled with the care it deserves.
Call (702) 800-8354 today.