Probate Real Estate
FAQ For Probate and Administration of An Estate
By
Aug 11, 2005, 18:44

If a probate or administration of an estate is not required, how do I inherit a deceased person’s assets?
If there are no real estate holdings and the value of the estate is under $20,000, the surviving family member(s) or a sole beneficiary entitled to inherit the property in question may initiate proceedings 40 days after the death. These parties may use a form called affidavit of survivorship to apply for release of the asset(s) from any person or business holding those assets (such as a bank, stock brokerage company or pension plan administrator).
 

Who can withdraw funds from a deceased person’s bank account?
If the account is held jointly, the surviving owner is entitled to withdraw the money or delete the deceased person’s name from the account. If the account is held “in trust for” a beneficiary, the funds may be paid directly to that beneficiary when the appropriate documents are presented to the financial institution. For example, you may need a certified copy of the death certificate, proof that the deceased is the same person who owned the account and proof that the person requesting release of the funds is the named beneficiary.
 

What if the estate is worth more than $20,000?
If the deceased person’s assets exceed $20,000 or real estate is part of the estate, probate or administration must be used. However, if the value of the deceased person’s assets subject to probate is less than $50,000 exclusive of liens, a special petition to the court by the beneficiaries or heirs may allow distribution without further proceedings. The only person allowed access to the deceased person’s assets will be the court-appointed Administrator or Executor of the estate. The Administrator or Executor will receive a document called “Letters of Testmentary” or “Articles of Administration” which will be issued by the court, and outlines the Administrator’s or Executor’s authority and responsibility.
 

Do I need an attorney to open a probate or administration?
Although you can maintain a probate or administration yourself, it is strongly recommended that you seek the assistance of an attorney who has experience with estate matters. A qualified attorney can guide you through the probate or administration process (including proper notification of other potential beneficiaries of the estate) and can be helpful if a dispute arises with creditors or other potential heirs.
 

Will the Executor need to obtain a separate Tax Identification Number for the Estate?
Yes. A Tax Identification Number for an estate normally is required. You should not use the deceased person’s social security number in most cases. A Tax Identification Number for the estate can be obtained from the Internal Revenue Service.
 

Can I become the Executor or Administrator of an Estate if I do not live in Nevada?
Yes. The State of Nevada does not impose restrictions on residency of an Executor, but does require a non-resident administrator to associate a Nevada bank as co-administrator.

How long does Probate or Administration normally take?
In a routine probate proceeding, you can expect a minimum probate period of from 120 to 180 days. This allows for publication of creditor notices and gives creditors time to file claims. However, probate and estate administration often take much longer if complications arise.
 

Is there a time limit for starting Probate or Administration proceedings?
No. However, it is important to begin as soon as possible so assets can be protected and inventoried, final tax returns can be filed and the debts of the estate paid.
 

How do I start Probate or Administration proceedings?
You petition the court to commence probate or administration through formal court documents.
 

How much will it cost to hire an attorney to process a Probate or Administration?
The cost of probate or administration will vary depending upon the complexity of the estate. A basic probate may take between 10 and 20 hours of any attorney’s time. Complex probates or administration may involve hundreds of hours of time. You will need to compare rates of attorneys in your area.
 

How do I find an attorney with experience in estate matters?
You can contact the State Bar of Nevada’s Lawyer Referral & Information Service at 702-382-0504 (toll free in Nevada at 800-789-5747) or look in the Yellow Pages of your telephone directory. You can also ask friends and/or relatives if they can recommend a good lawyer. The State Bar can tell you whether or not an attorney is licensed in Nevada and in good standing.