A Reno probate lawyer can provide valuable guidance when you are setting out to settle your loved one’s estate. There are many decisions to be made and logistics to handle, and obstacles may arise in the form of a contested will or no will at all. Simplifying Probate acts swiftly to complete the probate process efficiently and resolve legal challenges so you receive the most favorable outcome possible.
Why Choose Our Reno Probate Lawyers at Simplifying Probate?
- Simplifying Probate has extensive experience and legal knowledge with Nevada’s probate laws and requirements, so we are equipped to handle a variety of estates.
- Probate can be complex and confusing, and our team uses unique processes to simplify legal proceedings and reduce your stress.
- Our team is compassionate and respectful of your time and the loss you suffered, and we take the time to make sure you receive the service and attention you deserve.
- We not only provide counsel and guidance during probate, but we also file documents, communicate with other parties, and help settle debts and distribute assets on your behalf.
What to Expect During Probate in Nevada
Probate is the legal process used after an individual dies to verify and validate the will, settle debts, pay taxes, and distribute the remaining assets to the heirs and beneficiaries outlined in the will. The probate and administration process is initiated when a will is delivered to the county court clerk after the decedent’s death. This must be completed within 30 days for estates valued at $25,000 and above, or 40 days for estates valued under $25,000.
During probate, the estate must be inventoried and appraised, and documentation must be submitted to the court. All debts and applicable deductions must be settled before the remaining assets are distributed to interested parties and probate is closed.
How Contested Wills are Resolved
Heirs and beneficiaries have the right to contest a will if there are concerns about the decedent’s capacity when it was created. Wills may also be contested on grounds of duress, menace, undue influence, or fraud.
When a will is contested, the individual must submit a written petition of their contest, and heirs and beneficiaries must be notified and given a chance to respond. The issue proceeds to trial, where a judge and jury will hear from both parties, review evidence, and hear testimonies to verify the validity of the will. If the will is declared valid, probate may proceed according to the decedent’s wishes. If the will is invalid, Nevada’s intestate laws will determine the succession of assets.
Estates Without Wills are Distributed Hierarchically
Many Americans do not have a will, and this means that decisions about the estate are made according to a specific formula determined by the court rather than the decedent’s wishes. When an individual dies intestate — meaning they have no will — the distribution of assets from the estate is determined by the order of familial relationship.
According to Nevada’s laws on estate succession, when only a spouse, child, parent, or sibling survives a decedent, they receive the whole of the estate. When both a spouse and child(ren), spouse and parents, or spouse and siblings survive the decedent, then the estate is divided between the parties. Eligibility to inherit assets from intestate estates always follows the order mentioned above. Estates without eligible family members to inherit are claimed by Nevada.
Estates Must Have a Personal Representative for Probate
The court system provides authoritative oversight and judicial review, and judgment over the probate process as a whole. However, the decedent must have a personal representative to manage the settling of the estate. This may be an executor named in the will, or an administrator appointed by the court to oversee intestate estates.
The personal representative is responsible for opening probate and handling the inventory and appraisal, estate finances, paying creditors and taxes, distributing assets, communicating with the court, and closing the estate when all steps have been completed.
To fulfill the role of executor or administrator, an individual must not have any felony convictions, must not be a minor, and must have the capacity to fulfill the necessary responsibilities, according to NRS 138.020. It is also recommended that personal representatives work closely with a lawyer to navigate the complexities and requirements of probate.
Timeline for Probate Resolution
On average, probate can take 10-12 months to complete. Like any legal case, this is an estimation that can change depending on the specific circumstances of a case. Probate can take much longer in situations where a will is contested, no will exists, or there are challenges in appointing a representative. The size and complexity of an estate can also impact the timeline, as large estates take longer to resolve than smaller ones.
Paying Federal Estate Taxes During Probate
Estates in Nevada are not subject to inheritance or estate tax, which decreases the burden on a decedent’s heirs. Depending on the value of an estate, federal estate taxes may still apply.
Currently, a threshold of $13.99 million for individuals and $27.98 million for married couples exists, and only estates valued more than that pay taxes on the estate. Heirs must pay these taxes within nine months of the decedent’s death, and the tax rate can range from 18%-40% depending on the taxable value of the estate.
Not only does the tax value change each year, but the current threshold is anticipated to sunset by the end of 2025 and potentially be reduced by half depending on government legislation. Talk with your lawyer about the latest estate tax thresholds and rates to determine what you may be required to pay out of the decedent’s estate.
Call Our Reno Probate Lawyers Today
Simplifying Probate guides you through the legal process to settle your loved one’s estate. We strive to reduce your stress by simplifying probate and communicating on your behalf. From general probate to intestate estates, we are equipped to secure a favorable outcome. Schedule a free consultation with our team at (702) 800-8354 to discuss your options and get started today.