What Type of Probate Do I Need?
In Nevada, probate comes in different forms. The types of probate vary and the type needed depends upon the assets and their values. Not each asset individually, but the total combined value of the assets that need to pass through the probate process. Some assets do not require probate. To learn about the assets that avoid probate, click here.
Levels of Probate in Nevada:
Affidavit of Entitlement: This is sometimes referred to as a “Small Estate Affidavit” or a “40-Day Affidavit.” If the total value of assets is $25,000 or less, and does not include real estate, you may use an Affidavit of Entitlement to transfer ownership of the assets to the proper beneficiary. If you are the surviving spouse, this Small Estate Affidavit may used for assets totaling $100,000 or less. You must wait at least 40 days from the decedent’s death to use this method of transferring title.
Set Aside: A set aside proceeding requires a petition of the Court, but is not a probate administration of the estate. Rather, only one petition and hearing is typically required. An order of the Court is received which transfers, or “sets aside,” the assets to the beneficiaries without for administration. This can be completed in less than a month. But to use this procedure, the value of the assets must not exceed $100,000. To determine this limit, if real estate is involved, you get to deduct the mortgage.
Summary Administration: Once the value of the assets exceeds $100,000, a probate administration is opened. If the value of the assets subject to probate is between $100,000 and $300,000, then a Summary Administration is used. The limit was increased from $200,000 to $300,000 by the 2015 legislature. This shortens the time required for the Notice to Creditors period from 90 days to 60 days.
Full Administration: If the probate estate is over $300,000, a full administration is required. This means you publish the full 90 day Notice to Creditors and provide an extra notice that is not needed for a summary administration.
Ancillary Administration: When the decedent does not live in Nevada, but leaves real property in Nevada, the property must be administered in Nevada. Another state’s probate court does not have jurisdiction over real property in Nevada. If the value of the real estate located in Nevada exceeds $100,000, a Nevada probate is required, which would be either a summary administration or full administration as explained above. If the value is less than $100,000, taking into consideration encumbrances, then the set aside procedure described above may be used. Usually the ancillary probate in Nevada is started after the probate administration is commenced in the state where the decedent was a resident at the time of death.
If you are not sure which probate procedure applies to your situation or to avoid probate altogether for your own estate, call now for a free consultation. One of our Nevada probate attorneys will be able to walk you through the process.
Phone (702) 894-4110.