Probate is the legal process for distributing assets, money, and property to a deceased loved one’s heirs after they pass. In a will, a person names an executor or administrator to manage their estate after they die.
The probate court process validates the will, inventories the estate, notifies creditors, pays bills, files taxes, and provides approval before distributing any remaining assets to rightful heirs listed in the will.
An attorney with experience in estate planning and probate will be instrumental in ensuring the will is followed, and assets get distributed as intended. Another benefit of legal representation is working through disputes that might extend the probate process and cause financial strain.
What Are Probate Assets?
Probate assets are typically outlined in a person’s will. Probate is necessary for items or property listed in the deceased person’s name. These typically include:
- Real estate
- Other titled assets
- Personal possessions, including jewelry and collectibles
Not all estates must go through the probate process if the estate is considered minor or the value is below a specific dollar amount.
In Nevada, this is any assets that exceed $20,000. An inheritor of an estate must wait 40 days and prepare a short document stating that they are entitled to certain assets. Our firm can answer your questions regarding probate versus non-probate holdings so that you’re ready.
What are Non-Probate Assets?
Assets that do not have to go through the probate process are considered non-probate assets. These assets go directly to the beneficiaries, regardless of what the deceased person’s will says. Non-probate assets include:
- Any assets named in a living trust
- Bank accounts
- Joint property
- Life insurance policies, pensions, and 401ks
- Other real estate property, perhaps commercial or a business
- Additional vehicles
Our firm can prepare you for the probate process as an executor or administrator or help you with estate planning to protect your family from unnecessary costs and legal hoops that are a natural part of the probate process.
How Do I Protect My Assets from Probate?
A living trust is one way to avoid the probate process in Nevada. This is important if you have a complex estate or your estate falls outside of the “small estate.” Our attorneys can help you design a complete trust to protect any asset you own, from real estate to bank accounts to property.
The probate process typically requires all wills to go through the court system, while trusts are a third-party, private legal agreement handled outside the legal system. They are slightly more costly than wills, though they will protect you and your family from unnecessary costs and legal hassles down the road.
Speak with our attorneys regarding probate questions, estate planning, wills, and trusts. Contact us for a consultation: (702) 935-4144.