Asset Protection, Trusts and Wills

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Our goal is to provide each of our clients with as much information as possible about Asset Protection, Trusts and Wills. As you will see as you review the following material, there is a lot of information to digest and consider. Many legal aspects may be complex and confusing. We want you to know we are available to speak with you about any legal aspects of Asset Protection, Trusts and Wills at your convenience either over the telephone or in person at the Spiegel and Utrera, P.A., office nearest you. What do some of these terms mean? Click here for a Glossary. For answers to Frequently Asked Questions (FAQs) about Asset Protection, Trusts and Wills. Click here for FAQs.

Nevada Summary Estate Administration

Most states have enacted laws for the expedited probate administration of small estates in order to enable heirs to obtain property of the deceased provided certain requirements are met. As a result, small estates may be summarily administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available.

If certain requirements are met, the personal property of a deceased may be transferred to the successors (such as beneficiaries of the deceased’s will, intestate heirs, guardians, conservators, trustees, and attorneys in fact) of the deceased without the need to open a probate with the probate court. In order to do so, the entire estate of the deceased must qualify as a small estate and a document known as an affidavit must be filed to initiate the process. The successors of the deceased may make their claims to the property and take title if there are no conflicting claims. Title to real property may not be transferred.

  1. Affidavit of Entitlement. If the estate of the deceased is valued at $20,000 or less (not including any interest or encumbrance on real property such as a mortgage, lien, or trust deed), the assets can be claimed by an affidavit so that probate administration is not required. In order to proceed with the affidavit, the claimant filing the affidavit must be entitled to the assets by intestate succession (i.e., claimant is an heir and the deceased did not leave a Last Will & Testament) or in accordance with the Last Will & Testament of the deceased, 40 days have elapsed since the death of the deceased, and there is a probate proceeding in any other jurisdiction.

  2. Setting Aside Assets without Administration. If the estate of the deceased is valued at $75,000 or less, not counting liens and encumbrances, the assets can be set aside without administration by court order. In order to initiate this procedure, a petition and a court hearing are required, but a personal representative (executor or administrator) is not appointed and a formal probate administration is not required. If there is a spouse or one or more minor children, the court has the discretion to disregard creditors and will provisions.

  3. Summary Administration. Nevada has “summary administration” for an estate of $200,000 or less. This is a probate administration where there is a streamlined procedure for the appointment of a personal representative of the estate and for publication of notice to creditors, and the creditors' claim period is shorter than with formal probate administration.

Spiegel & Utrera, P.A. stands ready to help you during the administration of your loved one’s estate.

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