Even With a Will, Nevada Probate is Normally Required
Many people think that just because a will is in place, their assets will be transferred to their heirs upon their death. This is not always the case. In many cases, even if you have a will, a probate is required before assets can be transferred to your heirs. It is also required by law that the person who is in possession of the will deliver it to the clerk of court within 30 days. In Nevada, the probate process establishes the validity of the will and settles the estate. This usually means the transfer of assets. The normal timetable to settle a probate in Nevada depends on the value of the estate. So, it is a good idea to begin the probate process as soon as possible. To ensure that the process runs smoothly and there are no delays, it is also recommended to hire an experienced estate planning lawyer.
Why is Nevada Probate Usually Required?
Everyone likes to think they know everything there is to know about their family. But this is rarely the case. It is all too common for heirs to find out about outstanding debt or creditors after someone has died. The Nevada probate process is required, in order to allow for the publication of notices to potential creditors and time for them to make claims. Executors and beneficiaries are usually not on the hook for any of this debt, but they must act in the best interest of the estate and the beneficiaries–this means resolving all the debt before distributing the assets to the heirs.
4 Ways to Avoid Nevada Probate
There are ways to avoid the probate process; and it is highly recommended to consult with an estate planning lawyer to ensure these options are utilized correctly.
1. Revocable living trusts
This is a separate legal entity created during your life to hold your estate assets. Having this in place prevents your estate from having to be submitted to the probate process if you correctly place all of your assets into the trust once the trust is established.
2. Pay-on-death accounts
These are accounts that can be designated to a beneficiary and payable upon death. They can include checking accounts, savings accounts, 401k, IRAs, stocks and bonds, life insurance, and pension plans.
3. Joint ownership of property
Assets that are jointly owned will default to one owner when the other dies. Usually, this is the case with married couples, but any asset can be jointly owned between friends or relatives.
Assets can be gifted before someone passes away to avoid probate. Gifts can also be outlined in a will.
LeAnn Schumann Provides Comprehensive Estate Planning
Nevada probate begins when a relative of the deceased files a Petition to Probate the Estate. This is a process that should be done with an estate planning attorney, especially if there are complex assets. An estate planning attorney can ensure a smooth process or mitigate any issues, disputes, or unforeseen circumstances. LeAnn Schumann has assisted many Nevadans with the probate process. She has the knowledge to prove a will’s validity and ensure the heirs receive the assets. She is available to serve the people of Reno, Sparks, Carson City, Fallon, Fernley, Dayton, Yerington, Douglas County, and all other Northern NV rural counties.
Nevada Probate Doesn’t Have to be Complicated.
Contact LeAnn Schumann at Jesse Kalter Law Today for an Estate Planning Consultation
CLICK HERE to Contact Online or Call 775-331-3888
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