If you have recently lost a loved one in Nevada, you may be wondering what to do next. During mourning, you must take care of the assets and belongings of the deceased. This process should not be delayed long, especially if other heirs are involved.
Is Probate Required in Nevada?
Probate is required in Nevada to distribute the real estate and is required by state law. However, not all testators will have to hand over their assets. Before applying for a property, find out if the property can skip the process.
How Do You Avoid Probate in Nevada?
The best way to avoid probate is to keep it in a revocable living trust. If the trust has a named beneficiary, all assets pass automatically to that person.
Do All Estates Have to Go Through Probate in Nevada?
Not all estates are required to go through a probate process in Nevada. If the estate was placed in trust, you could avoid probate proceedings. Although the estate must go through probate court, you have options. For smaller estates up to $20,000 without real estate, an affidavit is all that is needed to transfer ownership of the property. If the sole heir is the spouse of the deceased, the property can be valued up to $100,000 and still be considered a small estate. For those who have multiple heirs with assets of $100,000 or less, an heir can petition the court to set aside the assets for those who will inherit them. This is known as an uncultivated estate.
Selling A Probate house in Nevada
A lot of people ask: how do you sell a house in probate, how much will it cost, and how long does it take?
According to Nevada probate law, there are four levels of probate in Nevada. In this regard, the level is usually related to the net worth of the deceased’s remaining estate in the case of some probate procedure, we will summarize this in our blog.
The two lower tiers are included in the probate chapter under the Nevada Revised Statutes but are not considered probate because the estate is not administered under court supervision. The lowest two levels are “Affidavit of Entitlement” and “Set Aside.” An affidavit is acceptable and the decedent’s personal property is up to $100,000 for the surviving spouse and $25,000 for the remainder. There are a few exceptions to personal property, but both are beyond the scope of this blog post, so we won’t discuss them here. If the net value of all property does not exceed $100,000, you may qualify for the following property classes. An executor (an antiquated term), now known as “personal representative” in general or summary records, is authorized to sell probate real estate. What is the structure of the estate after the court has appointed a personal representative and made a will (the deceased died with a will) or administration (the deceased died intestate)? In other words, does the personal agent have the authority to administer the property under debt law? This will save you a lot of time, money, and legal costs. Otherwise, additional proceedings and court appearances are required, resulting in additional costs and court costs. It also increases the length of the estate and the amount of time the court-appointed personal representative must spend in person.
Here’s why. Administering an estate under the Independent Administration of Estates Act allows the Personal Representative to sell a house without first publishing notice and then waiting 10 days (actually 2 weeks when coordinating publication in a local newspaper) before the sales contract can be signed, and then again waiting for a hearing to confirm the sale. As of the date of writing this blog post, the Clark County (Las Vegas, Nevada area) Probate Court is setting matters 6-7 weeks out. If you add one week for the time to draft, obtain a personal representative’s signature, and file the petition to confirm the sale, plus two weeks to publish the sale, and wait for 6 to 7 weeks, just to sell a house could take 9 to 10 weeks (2 to 2.5 months) to obtain a court confirmation hearing. In addition to the time it takes to get a court confirmation, Personal Representative will personally have to spend time coordinating the sale and meeting other requirements under the Nevada Revised Statutes like assembling, filing, and publishing to interested parties an Inventory, Valuation, and Record of Appraisal.
So far we discussed the period that revolved around selling a probate house in Nevada. In general summary and administration’s other procedures are required, which take time as well. For example, lenders must give 60 days’ notice for summary administration and 90 days’ notice for general summary and administration.
We now have an unanswered question, which is, how long does it take to finish a summary and a general administration? According to probate estates in Nevada regulations, the average summary administration (assuming no issues arise outside the ordinary course of things) lasts about 7-8 months. If you need to confirm the sale of a home or other property, add at least one more month. The General administration period is approximately 8-9 months. Probate time should not be added to the sale of a home or other property. The reason is that the waiting time to get court approval for a sale or property is shorter than other time requirements and can be done at the same time.
Then, as of the date of this blog post, the estimated average cost (court costs, publication costs, copies, postage) of probate, summary, or general document in Nevada is $1,000.00 plus or less than $1,000.00.
Finally, there is the issue of legal costs. Why don’t attorneys disclose their fees? There are two main reasons: 1) existing regulations in Nevada and 2) no economic value. The Bar regulates requirements revolving around publication. It isn’t relevant to the scope of the issues discussed in this blog, but we all know how costly it will be in such a case.
To summarize what we’re saying, selling a probate house in Nevada is always a nightmare. However, there will always be an option for you to get relief and go on with your life. It’s your simplest right to have enough time to grieve, to put your life together again, and go on with it.
This is what Peace Home Offers provides. We give you peace of mind back. We buy houses fast with no hassle, even if it’s a probate house. If you’re thinking “ I want to sell my house fast”, we will be your best choice. Call us at (702) 623-8705 today or Click Here to put an end to all of this.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Peace Home Offers encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.