Nevada Estate Size Affects the Type of Probate
Your Nevada Estate size affects the type of probate process that has to be completed. Therefore, it is important to determine the value of the assets owned by the Decedent as well as the outstanding liens and debts.
Affidavit. If the value of the estate is less than $25,000 ($100,000 if there is a surviving spouse), then assets can be transferred with a Small Estate Affidavit. However, this process can’t be used to transfer real estate.
Petition for Set Aside. Assets can be set aside without administration by court order if the probate estate is valued at $100,000 or less. In determining the value of the estate, any outstanding mortgage balance is deducted from the fair market value of real property at the date of the Decedent’s death. This process can usually be completed in a matter of weeks compared to probate that generally takes a minimum of six months. A Petition for Set Aside can be filed any time after 30 days after the death of the Decedent.
Summary and General Administration. When the value of the estate is more than $100,000 but less than $300,000, the probate process commenced is known as a “summary administration”. If the estate exceeds $300,000, then a general administration is appropriate. These processes are more time consuming and costly and, due to the complexity of the procedures, the assistance of counsel is highly recommended.
Every situation is different and there may be certain rules which prevent you from using a particular type of procedure even though the size of the Estate falls into one of above categories. If you have questions about your Nevada estate size and how it will impact the probate process, please give our office a call.