Definitions of Common Probate Terms
Probate is not an easy process to understand; and even more frustrating is that it happens when you are grieving from a loved one’s death. Probate Reno wants to make this process as easy as possible for you. To help ease the pain, we have developed the following list of common probate terms, which we encourage you to familiarize yourself with.
Probate: Probate is a court-monitored process of proving the validity of a will, transferring property, and settling the affairs of a deceased person’s estate.
Administration: Administration is a court-monitored process of of settling the affairs of a deceased person when there is no will.
Will: A will is a legally enforceable declaration of how a person wishes his or her property to be distributed after death.
Assets: Assets are property owned by a person, regarded as having value and available to meet debts, commitments, or legacies. Also known as a person’s estate. In Nevada, Probate is required if the deceased’s assets exceed $20,000. Probate is also handled differently if a person’s assets are worth more than $100,000; and differently still if more than $200,000. Assets include real property; vehicles; mobile homes and manufactured housing; nominal value bank accounts, investment accounts, life insurance policies, retirement accounts, etc.; personal property, such as jewelry, coins, clothing, small appliances, furniture, electronics, etc.; and pictures and memorabilia.
Administrator: An administrator is a person legally appointed to manage and dispose of the estate of a deceased person.
Executor: An executor is a person or institution appointed by a testator to carry out the terms of their will.
Beneficiary: A beneficiary is a person or group designated as the recipient of funds or other property under a will or trust.
Petition for Issuance of Letters Testamentary/Petition for Issuance of Letters of Administration: To start Probate or Administration proceedings a relative or other designated person submits to the District Court a Petition for Issuance of Letters Testamentary or a Petition for Issuance of Letters of Administration.
Letters Testamentary/Letters of Administration: Letters Testamentary or Letters of Administration is a document issued by the court to the estate’s Administrator or Executor which outlines their authority and responsibility.
Affadavit of Entitlement: An Affadavit of Entitlement is a form permitting the release of the deceased’s assets when probate is not required. This form permits assets be released from any person or business holding those assets (such as a bank, stock brokerage company or pension plan administrator). This form can be used by a surviving family member(s) or a person entitled to inherit the property to initiate these proceedings 40 days after the death of the deceased.
Summary Administration: Summary administration is a somewhat simplified probate procedure the estate must go through if the deceased’s estate has a net value exceeding $100,000 but does not exceed $200,000.
General Administration: General administration is a more extensive probate procedure the estate must go through if the deceased’s estate has a net value exceeding $200,000.
Tax Identification Number: A Tax Identification Number for the estate is required by Nevada State Law and can be obtained from the Internal Revenue Service. In most cases, the deceased’s social security number will not suffice.
Remember, Probate Reno wants to help ease the probate pain and hardship for everyone involved. If you have any questions about these terms or anything else we can help you with, please do not hesitate to call now.
We would be happy to answer any probate questions you may have
If a loved one has passed away, you need help to navigate the complicated probate process. We offer a complete range of probate services in Reno and throughout all of Nevada. If you describe your situation, we can help you make the right probate choice.