Navigating Probate

• Handling the Estate’s Creditors.
  • The Personal Representative is in charge of publishing a “Notice to Creditors” and sending notice to any known creditors as outlined in Nevada Law. Creditors have a certain period of time to file claims against the estate. Upon the court’s approval, the Personal Representative distributes funds to the creditors in satisfaction of their claims.

• Filing an Inventory of Estate Assets.
  • Nevada law requires that the Personal Representative file an inventory of estate assets with the court within one hundred and twenty (120) days of their appointment. The inventory must contain a list with all of the estate assets and their respective values.

• Selling Property.
  • If the estate owns property that needs to be sold, such as the Decedent’s residence, the property can be sold during the estate proceedings. If there are sufficient assets to pay creditors (if any), the beneficiaries may elect to receive the property outright.

• Accounting for Estate Assets.
  • The Personal Representative must account for the assets under his or her control during the estate proceedings. This includes a thorough accounting of all the receipts, disbursements and gains during his or her tenure as the Personal Representative.

• Completing the Tax Returns for the Decedent and the Estate.
  • The Personal Representative must complete the Decedent’s final income tax return.
  • In many cases there will also be a tax return due for any income the estate received from the date of death until final distribution of the estate assets.
  • If the estate is large in value, the Personal Representative may also be required to file a Federal Estate Tax Return, called a Form 706.

• Final Distribution.
  • Once the administration of the estate is complete, the Personal Representative can ask the court for a final distribution of the estate assets to the beneficiaries. The Personal Representative must receive court approval prior to making any distributions.

• Discharge of Personal Representative.
  • Upon completion of the Personal Representative’s duties under Nevada law, the Personal Representative must ask the court to be discharged and released. This step concludes the probate process.

Each step of the probate process must be done carefully and with the court’s supervision. There are many requirements under Nevada law during a probate administration and there can be many traps for the uninformed. Contact us today for a free 30-minute in-house consultation.