Any time a person passes, the assets they leave behind must be distributed through a process known as Probate Las Vegas NV. In the event a will is found and deemed valid, the executor is responsible for this distribution. However, in the event the estate is rather small, there is no need for probate, and state law outlines when this is the case. Anyone responsible for handling this process needs to understand what is required of them and what steps must be taken to ensure all is handled legally.
For any estate under $20,000, an Affidavit of Entitlement must be filed with the court. For estates under $100,000 but more than $20,000, the set aside without administration procedure is to be used. Estates between $100,000 and $200,000 follow the summary administration procedure and estates above $200,000 go through the full administration process.
Before any assets may be distributed, however, just debts and expenses must be paid. In addition, certain assets aren’t part of the probate process. For example, any joint account that has rights of survivorship is excluded, and the same is true of any accounts that are payable on death or those with named beneficiaries. An experienced attorney becomes of great assistance in determining which assets aren’t required to go through probate.
For those who wish to minimize or eliminate the probate process, estate planning tools can be of great help. A revocable trust is an example of one tool that may be used for this purpose. In the event this trust isn’t fully funded at the time of the person’s death, an attorney can be of assistance here also, as some probate may be required.
Contact Grant Morris Dodds or head on over and browse the website to learn more about Probate Las Vegas NV. Although probate is a necessity, it can lead to assets being distributed in a manner not intended by the deceased. Proper estate planning can help to ensure this doesn’t happen. Don’t delay in this process. Life is very uncertain, and a person may pass away at any time. It’s best to have everything in order before this happens to ensure the deceased’s final wishes are granted.
