Facing probate in the state of Nevada can be overwhelming during an already tough time. If you are dealing with a loved one’s death or going through estate planning, you must understand the complexities of probate laws in the state to ensure smooth estate administration. Probate is a legal process meant to transfer the assets of the decedents to the rightful heirs. The Top Nevada Probate Lawyer can untangle legal requirements while you grieve over your loved one’s death. As they recognize how hard this moment is for you, they offer their expertise and guidance. They are committed to making sure the estate of your deceased loved one is handled carefully and respectfully, honoring their legacy while protecting your peace of mind.
Is Probate Necessary?
A lot of people are not sure about whether probate is necessary when an estate owner leaves a will and dies. In a lot of situations, the probate process is required despite the existence of a will; however, this doesn’t apply to all situations. Factors like the value of assets and ownership determine whether probate is necessary.
Assets that are not jointly owned by one or more individuals, not held in a trust, and don’t designate a beneficiary must go through the probate process to some extent. The kind of probate required depends on the assets’ value.
But formal probate can be avoided if you qualify for using the Small Estate Affidavit, which lets you collect some assets without going through probate to obtain them. This applies to estates with personal property value of $25, 000 or less if a non-spouse is the heir, or $100, 000 or less if a spouse is the heir. Your probate attorney can walk you through other options when going through probate including doing a Set Aside Petition, a Summar Administration, and more. They can determine which option applies to your situation.
Avoiding Probate
Some strategies can be used to avoid probate. In a lot of situations, avoiding the probate process simplifies the administration of the estate and decreases time and cost. These strategies include the following:
Living trusts. These trusts let you put assets within them that a trustee will manage. Living trust assets won’t go through probate. Rather, they are directly given to beneficiaries when the grantor dies.
Joint ownership. Assets that are jointly owned by two persons. In this scenario, one owner gets the right of survivorship when the other owner dies. The assets do not through probate when designated with this right. The surviving joint owner automatically gets the assets.
Beneficiary designations. Assets that use beneficiary designations are automatically given to the named beneficiary when the owner dies. They include life insurance policies, bank accounts, and retirement accounts.
When an estate owner plans for the future, they want to ensure their assets are distributed based on their wishes. This makes it important to hire an attorney. Preparing an estate plan without a lawyer increases the risk of mistakes. Also, the plan may need to be reviewed and updated from time to time. A lawyer can help with this, making sure the plan lets the owner dictate their last wishes. With a probate attorney, you can choose the best method to avoid probate and make sure you get what the law entitles you to.
Probate is usually a time-consuming process. It is inconvenient and mentally taxing. To ensure beneficiaries and heirs do not go through this overwhelming process, estate owners must plan for what is ahead and get their estate in order. This means working with an experienced lawyer to get the legal guidance and support they need.
