Nevada Probate Process
Going through probate is more than just filling out some forms and submitting them to the Court for review. Probate involves taxes, creditors, beneficiaries, legal publications and notices, and careful strategy to ensure the maximization of the estate for the benefit of the beneficiaries.
Here are some steps you can expect to go through in the probate process:
Appointing the Responsible Party (Administrator or Personal Representative)
One of the first steps in probate is determining who is going to step into the deceased person’s shoes to manage wrapping up their affairs. This role is determined according to priority. If you are named in a valid last will and testament to act, you will have priority over every other person, whether related or not. If multiple people apply to oversee the estate, the Court reviews their qualifications and the order of priority to determine who should act. This person essentially “runs” the probate- they gather the assets, evaluate and pay debts, and manage everything during the probate process. They also file documents with the probate court to ensure all steps are followed.
Validating the Last Will and Testament
The Last Will and Testament is filed (lodged) with the Court clerk. This allows any interested party to review it. This record is public. The Court will decide whether the Last Will and Testament is valid. If it is determined to be invalid, then the Court will rely on state law to determine the distribution of Estate assets and who oversees handling the probate.
Creditors
In the probate process, there are two types of creditors: known and unknown. Known creditors are creditors you are aware of- either by personal knowledge, mail received, etc. Unknown creditors are creditors you are unaware of but may nevertheless have a debt owed to them by the Estate. Using notifications like mailings and publications, the Personal Representative can notice the creditors, so they have an opportunity to submit proof of their claim. The Personal Representative reviews these claims for validity and then decides whether to accept or reject them. An experienced probate attorney from David Bindrup Law Firm is invaluable in this process to ensure timeliness and strategy.
Inventory
A major part of the personal representative’s responsibility is marshaling the assets of the estate. The personal representative tracks down assets and gathers them in order to value them and notify the beneficiaries and creditors regarding the value of the assets. These assets may need to be sold to pay off administrative expenses or creditors. There are many statutory requirements regarding the inventory that must be filed with the Court, so it’s invaluable to have the assistance of knowledgeable David Bindrup Law Firm probate counsel in that process.
Selling Estate Property
Personal Property and Real Estate can be sold through the Probate Process. Often this is necessary in order to pay for the expenses associated with the passing of the loved one like funeral expenses, last illness, administration costs, creditors, etc. However, if the Personal Representative doesn’t need to sell the assets, they can also distribute those assets at the end of probate. Sometimes, probate attorneys will encourage personal representatives to sell property because it makes it easier for the attorneys to collect their fees. However, this is an individual situation, and clients should be able to work through those decisions with good counsel from trusted attorneys. Working with the David Bindrup Law Firm ensures you have all the information you need to make those decisions when things are difficult.
Accounting
One of the most overwhelming parts for many Personal Representatives is accounting. The accounting requirement requires the Personal Representative to keep beneficiaries, creditors and heirs apprised of the Estate assets so that they can ensure the rules are being followed. The court also reviews these expenses for accuracy. One benefit to working the David Bindrup Law Firm is that our firm is headed by David Bindrup, Esq., CPA, LL.M. Not only is David a Nevada licensed attorney, he also is a licensed Nevada CPA, California CPA and has a Master of Law in Taxation. Because of these credentials and his experience practicing for 15+ years in estate planning, asset protection and probate, David can bring a unique perspective to the accounting process that helps ensure transparency, accuracy, and tax strategy are all employed to the benefit of the Estate.
Final Taxes
Many personal representatives fail to acknowledge the tax ramifications associated with transferring property from the deceased person to the beneficiaries. Part of the problem is that the tax considerations are so individual based on each person’s assets, debts, timing of death, residency and other considerations. When you partner with David Bindrup Law Firm as your attorney, you are ensuring you have the most credentialed attorney in the State- David Bindrup- reviewing and assisting with these filings to ensure accuracy. This unprecedented level of commitment to Estates is unique among Nevada firms, both in Clark and Nye County.
Final Distribution
At long last, when the estate is ready to be settled, the Personal Representative gets Court approval to make the final distributions to creditors, expenses and beneficiaries. This important step is laden with responsibility and ensures that the probate is properly closed, releasing the personal representative of liability. David Bindrup Law Firm attorneys take careful steps to make sure clients are informed of their duties and assisted with fulfilling those duties to the satisfaction of the creditors, court and beneficiaries.
Personal Representative Discharge
Once all of the responsibilities are concluded, the personal representative is discharged. However, this important step is often missed by anxious attorneys who want to move on to the next case instead of properly wrapping up the work. Working with David Bindrup Law Firm ensures all the I’s are dotted and the T’s are crossed for accuracy, transparency and completion of the Probate.
If you have questions on any of these important steps, you can schedule a cost-free consultation with a David Bindrup Law Firm attorney at one of our three offices in Pahrump, Henderson and Las Vegas.
Locations
Henderson Office
10424 S. Eastern Ave., Ste. 101
Henderson, NV 89052
Las Vegas Office
9030 W. Cheyenne Ave., Ste. 210
Las Vegas, NV 89129
Pahrump Office
1321 S. Hwy 160, Ste. 8A
Pahrump, NV 89048
Phone
702.465.0888