How Probate Works in Reno
Probate is a complicated process that we at Probate Reno want to help you get through in the easiest way possible. Review these steps on how probate works in Reno, and then call us to let us know how we can best assist you and your family during this difficult time.
Step 1: Seek the advice of an Attorney.
Make sure the attorney you select is licensed to practice law in Nevada. You should also make sure to find an attorney who has experience in probate law and estate planning.
Step 2: Determine if the deceased had a will.
A will is a legal document defining how the deceased wants his or her estate distributed after death. If a will is present, the surviving family members will proceed through the court-monitored probate process to distribute such property. In the absence of a will, the family will proceed through a similar process, called administration, with the court.
Step 3: Submit to the Court a Petition for Issuance of Letters Testamentary or a Petition for Issuance of Letters of Administration
The submittal of one of these petitions starts the probate or administration process with the court. The court will respond by issuing Letters Testamentary or Letters of Administration to the estate’s administrator or executor, which outlines their authority and responsibility.
Step 4: Determine the value of the deceased’s estate.
In Nevada, Probate is not required if the deceased’s assets do not exceed $20,000 and there is no real estate involved. In this case, the estate’s administrator would submit an Affadavit of Entitlement to any person or business holding the deceased’s assets, permitting those assets to be released to a surviving family member(s).
If the deceased assets exceed $20,000, or there is real estate involved, probate is required. The exception to this is when the estate’s net value is still less than $100,000. In this case, the court may allow for a special petition from the estate’s administrator which allows for distributions to be made without any further court proceedings.
If the deceased estate is worth more than $100,000 but less than $200,000, the family would proceed through Summary Administration. This is not the most extensive probate process, however Probate Reno still recommends not proceeding through Summary Administration without a lawyer, as complications can arise.
If the deceased estate’s net value exceeds $200,000, an attorney is strongly encouraged as the family will need to proceed through General Administration, a much more extensive probate process.
Step 5: Distribution of Assets
Once probate or administration is complete, assets will be distributed to family members or other heirs based on the will. Such assets will be subject to tax according to Nevada State Law.
To avoid taxation and the probate process, many people establish trusts for their heirs. When the person dies, those assets are automatically transferred to the heirs without the complication of probate or the burden of taxes.
A probate attorney can assist estate administrators by identifying areas in which they can reduce tax implication and lessen the burden for loved ones. If you wish to evaluate these situations, you should call Probate Reno to schedule a consultation immediately.