Small estates may have the right to set aside part or all of their estate. A Las Vegas set aside lawyer can help you petition the court to transfer assets without having to undergo probate. At Simplifying Probate, we are skilled at handling these types of estates and can provide you with the legal counsel you seek. Contact our Las Vegas probate attorneys today for a free consultation.
Why Choose Us at Simplifying Probate?
- Simplifying Probate helps you determine if the set aside process is right for your situation and what steps you must take if you are eligible for this process.
- Our qualified attorneys streamline this process for you so you can transfer property without delays or complications.
- We help you file the appropriate paperwork and communicate with the court on your behalf.
What is Probate?
Probate is the legal process in which debtors can request payment of the deceased’s debts before the division of the estate’s assets occurs. When a will exists, it guides asset division.
Las Vegas probate courts play a role in naming an estate’s personal representative or executor when no will exists. The courts are responsible for dividing assets during probate when no will exists, using a chart of consanguinity.
Probate oversees the finalization of the deceased’s affairs to honor their wishes for the division of assets when a will exists and to ensure legal guidelines are met regardless of a will.
When Is It Important To Hire A Las Vegas Set Aside Probate Lawyer?
The Las Vegas probate lawyers at Simplifying Probate are experienced in identifying estates that may potentially forgo the probate process, simplifying the transfer of assets. A lawyer with our firm will help you strategize to meet legal requirements while removing unnecessary, complex steps.
Working with a Las Vegas set aside probate lawyer can help you navigate contested wills, challenges to fiduciary duties, and potential allegations of a breach of fiduciary duties. Emotions often run high during probate. Knowledgeable legal guidance may diffuse conflict, minimizing the time it takes to set aside assets or complete probate in Nevada.
What Constitutes a Set Aside Estate
Set asides are used for small estates valued under $100,000 after liability deductions have been calculated. The purpose of this process is to simplify the resolution of the estate and avoid administration. With set asides, property can be transferred directly to eligible heirs with court approval. This process may be used with or without a will.
What Are Nevada’s Intestacy Laws?
Nevada’s intestacy laws allow a spouse to receive 100% of a deceased spouse’s property. Separate property in Nevada, including assets owned before marriage, inheritances, or gifts received during a marriage, is generally divided as follows when no will exists:
- A surviving spouse receives 100% of assets classified as separate property when the deceased has no children.
- Equally, when a decedent has one child and a living spouse
- One-third of the assets go to a surviving spouse, and two-thirds to any children, shared equally.
Nevada’s Intestacy Laws When a Decedent is Unmarried
Distinctions between community and separate property do not exist when the decedent is unmarried. Succession and the division of separate property is more straightforward, allowing the nearest living relative to become a decedent’s heir. The hierarchy of distributions states:
- Children of the deceased will divide the assets equally by right of representation
- The deceased’s living parents are beneficiaries of the deceased’s assets when there are no children. A deceased’s siblings are named beneficiaries when there are no living parents.
- The closest kin becomes the beneficiary when no spouse, living parents, or siblings exists. Nevada uses a chart of consanguinity to identify the closest living relatives.
- When no living relatives exist, assets become the property of the state.
Additional Nevada Intestacy Laws
Nevada’s intestacy laws apply to step-children, half-blood relations, and non-citizens. Nevada’s laws impact these relationships in the following ways:
- The state does not recognize step-children as the decedent’s children. Therefore, step-children are not beneficiaries of the deceased’s assets.
- The state views adopted children as beneficiaries in the same manner as a decedent’s biological children.
- The hierarchy of asset distribution applies the same to half-blood relatives.
- Non-citizens in Nevada follow the hierarchy of distribution of assets after a loved one’s death
Exceptions to Nevada’s Intestacy Laws
Nevada’s intestacy laws do not apply to certain assets and are not designated as part of the decedent’s estate. These assets include:
- Properties held in a living trust
- Various IRA accounts and 401(k)s with payable-on-death-designations
- Bank accounts with designations of payable-upon-death
- Life insurance proceeds
- Automobiles with designations to transfer-on-death
- Joint tenant properties with right of survivorship or community property with right of survivorship
Assets with a payable-on-death designation go to the named beneficiary. Wills do not impact these assets and their distribution.
Initiating the Process for Setting Aside an Estate
If you meet the eligibility requirements to set aside property from a small estate, you must petition the court to initiate the process. It is advised that the decedent’s spouse or child file for the set aside.
This process can be started at least 30 days following the decedent’s death. Documentation such as a death certificate and a copy of a will must be submitted along with a detailed inventory and valuation of the estate’s assets and debts.
Once all of the documents and forms have been completed and filed with the court, heirs, devisees, creditors, and Medicaid Estate Recovery (MER) must be notified. These parties have the right to respond and object to the petition before the hearing. The court will issue a decision after it has reviewed all applicable information.
While assets are generally used to settle debts first during probate, a judge may disregard creditors and rule that an entire estate may be set aside for the decedent’s spouse and child instead.
What Assets are Eligible for a Set Aside in Nevada?
Certain assets are eligible to be set aside during this process. As long as the value of the estate minus liabilities remains below the $100,000 threshold, then these assets may go directly to the decedent’s entitled heirs. Some assets that are commonly transferred in a Nevada set aside estate include:
- Bank account funds
- Investment funds and stocks
- Vehicles
- Real estate holdings
- Personal property
Contact Our Las Vegas Set Aside Probate Attorneys Today
Simplifying Probate is your go-to resource when you need to set aside property from the estate. We take the time to answer your questions and guide you through the process so you receive what you are entitled to from the estate. Contact our firm today at (702) 800-8354 to schedule a free consultation and start the set aside process.