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.
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.
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 all of your questions regarding Nevada probate. There are no hidden fees, no monthly payments, and credit and income are never an issue. There’s no need to wait years for what’s yours; call us today and access your money right away.