Probate & Trust Administration Lawyers in Las Vegas
Following the death of an individual, their family members and loved ones will go through the legal processes involved in estate distribution and inheritance. Depending on the situation, part of these processes may include probate and/or trust administration. Probate laws operate differently from state to state, but in Nevada the probate and trust administration process can be relatively streamlined. Understanding how Nevada probate and trust administration works can help reduce the costs and legal burden of estate distribution.
At John Park Law, we have years of experience in Nevada probate and trust administration. The probate and trust administration processes can be highly stressful and establishing a comprehensive estate plan in advance can greatly benefit your loved ones. Do not wait until it is too late. Call us at 702-857-7879 to begin crafting your estate plan today.
Las Vegas Trust & Probate Attorneys
Probate is the process of proving the validity of a will, distributing assets, and managing the final affairs of a deceased individual. This is a legal, court-monitored process. Nevada Revised Statutes 136.050 states that any individual who possesses the will of the deceased person must deliver it to the court within 30 days of their death, thereby initiating the process. The individual who oversees the probate process is referred to as the personal representative.
If any of the three criteria are met, probate may be required to be filed in Nevada:
- The deceased person lived in Nevada
- The deceased person held property in Nevada at the time of death
- The deceased had a will
In Nevada, if the value of the deceased person’s assets exceeds $25,000 or if they hold real estate in the state, then probate may be required. It is also important to note that wills do not avoid probate.
Trust administration is a bit more nuanced, particularly because some forms of trust can avoid probate altogether. The process begins with a notice from the trustee to all beneficiaries and heirs of the trust. Any challenges to the validity of the trust must be made within 120 days of notice. Assets will then be gathered and valued, potential creditors will be notified, debts and taxes will be paid, and finally the remaining income or assets will be distributed according to the terms of the trust. In Nevada, living trusts avoid probate. This means that the trustee will be able to distribute income and assets to all beneficiaries without the hassle of probate proceedings.
Levels Of Probate
In Nevada, there are four different levels of probate depending on the value of the deceased person’s estate. These four levels are:
- Level One: Estates under $25,000 with no real estate. This is the easiest and fastest level of probate and is also referred to as “Affidavit of Entitlement”
- Level Two: Estates under $100,000. The estate can be real estate, land, or personal property, as long as it is valued at under $100,000. This type of probate is called a “Set Aside” proceeding
- Level Three: Estates between $100,000 and $300,000. Also called “Summary Administration,” this form of probate is a bit more involved than the prior two and requires certain procedures to be followed.
- Level Four: Estates over $300,000. This level of probate is the most complex and lengthy, involving several tasks such as transferring property titles, paying creditors, filing estate tax returns, among others.
A routine probate proceeding is typically conducted between 120 and 180 days, but can take much longer if complications arise. If disputes arise between creditors or potential heirs, for example, the proceedings can be prolonged. Seeking legal assistance from an experienced estate planning attorney can help streamline the process.
Nevada Personal Representative Fees
In some cases, the will specifies how much a personal representative is compensated for their role in probate. If the will does not specify compensation, the following structure is followed:
- 4.0% on the first $15,000
- 3.0% on the next $85,000
- 2.0% on anything excess
It should be noted that funds which pass directly to named beneficiaries are not eligible in these calculations.
Efficient Probate and Trust Administration With John Park Law
Depending on the circumstances of your loved one’s death and the size of their estate, the probate and trust administration can become highly complicated. Enduring the process alone can leave you vulnerable to costly errors and disputes from outside parties. Seeking legal advice from experienced Nevada probate and trust administration attorneys can help ensure that the process is conducted correctly and with efficiency.
At John Park Law, we work with our clients to ensure that their loved one’s legacy is preserved and their estate is distributed according to their wishes. Let us help you through the Nevada probate and trust administration process. Call us at 702-857-7879 to discuss your options today.