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What is probate?
Probate is a court case that allows the orderly transfer of property from a deceased person to their heirs.
What types of probate cases does Nevada have?
There are two types of probate cases in Nevada: informal and formal.
How is the value of a probate estate calculated in Nevada?
The value of an estate is calculated by adding together the "garage sale value" of personal property; the appraised value of assets like…
Is probate required in Nevada?
Probate is required when a person who dies owns assets in his or her name only, or with other people as tenants in common.
When does probate start in Nevada?
Most types of probate cannot begin until thirty days have passed since the date the deceased died.
How long does probate take? Or, when can I receive my inheritance?
Informal probate cases can take as little as one week from the start of probate, but typically take approximately three weeks.
How does probate work in Nevada?
Once the value of estate is determined, the responsible person can determine which type of probate case is required.
Do I have to publish notice in the newspaper about the probate case?
In formal probates, you will have to publish notice of the case at least once. In larger estates, you will have to publish at least twice.
Who can be the executor or personal representative in probate in Nevada?
The person with power to handle an estate is called an executor, administrator, or personal representative.
Does the executor get paid from the estate?
If the will provides specific instructions about the executor receiving payment, the executor will get paid the amount stated in the will
What does the executor or personal representative do in a probate case?
The personal representative must inventory (and have appraised), collect, protect, maintain, and manage the assets so that they can be used to pay the decedent’s debts and distribute to the beneficiaries with the court’s approval.
How do I know if property is owned by tenants in common?
Probate is required when property is owned by two or more people who have not specified that they own the property
What percentage of property do I own as a joint tenant?
Joint tenancy may only be owned in equal shares. For example, if there are two joint tenants, they each own 50%
Will I be taxed on my inheritance in Nevada?
There are two types of taxes possible on an inheritance, but they are rare.
Does community property have to go through probate? What is community property?
Nevada is one of a handful of states that has community property laws that impact married couples.
There is a trust but the assets were not transferred into it. Can probate be avoided?
A trust is only valid if it is “funded,” or in other words, has assets in it.
In which state should I file a probate case?
There are many possible places to file a probate case, such as the state where the deceased died, resided at death, owned property, or signed a last will and testament.