Nevada Probate | Inheritance Advances in Nevada

Process Of Probate In Nevada

When a resident of Nevada dies, the probate process ensures the legal distribution of all assets. Whatever belongings or money the deceased left behind comprises their estate. Nevada probate laws require the deceased’s heirs to file probate so they can access their estate inheritance.

Probate aims to streamline the inheritance process by itemizing all assets, paying debts and verifying the will. Once your probate case makes its way through Nevada courts, the person’s estate is distributed to its rightful heirs. The process itself is straightforward, but probate can often take months or years to complete. IFC offers probate advances for residents in Nevada, so we know the ins and outs of the process.

Is Probate Required in Nevada?

Probate in Nevada is a required process for most estates. In fact, local courts require heirs to submit the will within 30 days of the person’s death. You don’t have to file probate when you submit the will, but many families do. If you don’t have a valid will, the estate will enter a formal probate process that involves detailed court supervision.

If your loved one died with a valid will, you have options for your probate procedure. Nevada probate courts allow heirs to submit an affidavit if their loved one’s estate is valued under $20,000. This simplified probate is also available if the sole heir is the person’s spouse and the property is worth less than $100,000.

Additional alternatives to formal probate in Nevada include the “set aside” estate, allowing heirs to set aside assets valued under $100,000. If you don’t fit any of these criteria but the estate is worth less than $300,000, you can choose a shorter process called summary administration.

What Are the Steps for Settling an Estate in Nevada?

The steps for implementing probate in Nevada include:

• Filing a petition: The initial step is filing a petition in the local probate court to submit the will and designate an executor. When there is no will, it is only necessary to appoint the executor.
• Issuing notification: The executor must place a public notice in the jurisdiction where the decedent resided at the time of death. The purpose is to alert creditors who may have a claim against the estate.
• Taking an inventory: The executor should identify all the decedent’s tangible and intangible assets and assign a value to each item. The completed list should be submitted to the court. Examples of assets subject to probate in Nevada include solely owned, jointly owned and tenant-in-common property, investments, partnership or corporate interests and pay-on-death accounts.
• Debt payment: If the decedent has outstanding loans, tax bills or other obligations, the executor must pay them using funds from the estate.
• Asset distribution: After paying the decedent’s debts, taxes and estate administrative costs, the executor can distribute the remaining assets to the heirs.
• Report submission: The executor will file a report with the court detailing the handling of the estate.

Does Nevada Have an Inheritance or Estate Tax?

No, Nevada does not apply an inheritance or estate tax. However, estates valued above $12.06 million in 2022 are subject to a federal estate tax.

What Spouses Need to Know About Nevada Inheritance Law

In Nevada, spouses have certain protections if their loved one dies without a will. If you are the sole heir to your spouse’s estate, you are entitled to the entire property.

Once you factor in children, siblings or parents, your loved one’s estate is divided into community and separate property. Community property includes anything obtained during the marriage, whereas separate property is anything owned before marriage. Your unique situation will determine your inheritance, and we are happy to help you figure it out!

How Long Does Probate Take in Nevada?

The key problem with the process of probate in Nevada is that it takes an extremely long time from start to finish. Creditors are given three months to file claims against the estate, so processing the probate could take four to six months. More often than not, probate takes at least a year. While probate in Nevada is in process, heirs are not able to access the money their loved ones wanted them to have.

This fact is shocking to most heirs in Nevada and elsewhere who are understandably new to the process. Having a rightful inheritance blocked for years by a legal process can prove very frustrating.

Several factors can impact and prolong the probate process. A dispute among heirs can cause significant delays, especially if there are multiple parties involved. Other potential roadblocks include missing documents, complicated wills, the inability to locate beneficiaries and lengthy court backlogs.

In some cases, it’s possible to speed up the probate process. For instance, if the estate’s value does not exceed $300,000, the court can appoint an individual as a representative of the state, which shortens the timeline. Estates valued at less than $20,000 can avoid probate altogether via an affidavit that permits the transference of the estate to a sole heir.

How to Determine Next of Kin in Nevada

If an individual in Nevada dies without a will, referred to as “intestate,” it’s necessary to determine the decedent’s next of kin. This person can be a spouse, an adopted family member or the closest blood relative.

In Nevada, the order of the next of kin intestate heirs is:

• Surviving spouse
• Children
• Parents
• Siblings

Identifying the next of kin entitled to the inheritance involves going down the list until reaching an eligible living individual. For instance, if the decedent doesn’t have a living spouse, children or parents, the siblings would be the next of kin.

The State of Nevada could become the beneficiary of the estate in some situations, such as when the decedent passes away without having any close or distant relatives. In a legal process called “escheat,” the property’s ownership reverts to the state to prevent it from remaining in limbo.

How Much Does Probate Cost in Nevada?

While there are no fixed probate costs in Nevada, there are several costs associated with the process. The more prohibitive expenses include executor and attorney fees.

Executor Fees

The executor or personal representative is the individual charged with carrying out the provisions in the decedent’s will. Unless the decedent listed a different compensation arrangement in the will, the schedule outlined by Nevada statute is:

• 4% for the first $15,000 of estate value.
• 3% for the next $85,000 of estate value.
• 2% for an estate value of $100,000 and above.

Attorney Fees

The fee schedule for probate attorneys in Nevada is:

• 4% for the first $100,000 of estate value.
• 3% for the next $100,000 of estate value.
• 2% for the next $100,000 of estate value.
• 1% for the next $9,000,000 of estate value.
• 0.5% for the next $15,000,000 of estate value.

The probate court will determine a reasonable amount for amounts above $25,000,000.

How Do You Avoid Probate in Nevada?

Avoiding probate in Nevada is only an option for those with valid non-probate accounts. If your loved one’s assets are in a revocable trust, joint account or Transfer on Death (TOD) account, they do not have to pass through the probate process. Otherwise, you can access your inheritance and avoid probate court with an advance from IFC!

Access Your Inheritance In Nevada Immediately

With an inheritance advance from IFC, you can access the money your loved one meant for you to have right away. The process is fast and easy and you decide how much of your inheritance you’d like to receive immediately. Simply let us know the specifics of your situation, and we can begin the process immediately.

With decades of experience since our start in 1992 and over $200 million advanced to thousands of heirs across the country just like you, we have the expertise and size to help you immediately. Let our friendly staff give you a free, no-obligation consultation. We’re more than happy to walk you through the Nevada probate process and answer your questions regarding Nevada probate. There are no hidden fees, no monthly payments, and credit and income are never an issue – unlike for an inheritance loan provider. There’s no need to wait years for what’s yours; call us today and access your money right away.