Letters of Entitlement
In Nevada, there are several different methods set forth to administer an estate. Which one is used depends a lot on the size of the estate, in terms of monetary value. There are four primary methods: letters of entitlement, set aside estates without administration, summary administration and general administration, each with its own set of requirements. This post will provide an overview of letters of entitlement.
Letters of entitlement are available when the estate is valued at less than $20,000.00 and does not consist of real property in Las Vegas. Real property includes land and anything built upon, or affixed to it. Most often, in terms of estates, this presents as land, houses, rental properties, etc.
You must wait until at least 40 days following the date of the decedent’s death.
The decedent does not need to have been a resident of Nevada at the time of his or her death in order to use letters of entitlement.
Letters of entitlement do not require a court proceeding. The heir(s) of the decedent fill out the Affidavit of Entitlement and can then present it to the holders of the decedent’s assets, such as the bank where the decedent has accounts set up, to arrange for their release and transfer.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.