You may count on your inheritance to cover major expenses or fund a large purchase. However, if your family member’s estate needs to undergo the probate process, months (and, in some cases, a year or more) may pass before you access your money.
Nevada probate can take longer than usual in cases of intestate succession, missing documents, or inheritance disputes. If you need quicker access to your portion of the estate, Rockpoint Probate Funding can provide quick, risk-free funding.
Do Nevada Estates Have To Undergo Probate?
As a rule, yes. If the deceased person left a will, their executor has 30 days to file it with the local district court. Most families also petition to start the probate process at the same time. Probate will likewise begin if the decedent died without a will.
Some assets, like property held in a living trust, won’t need to undergo Nevada probate. Heirs can also submit a small estate affidavit for estates under $20,000, or estates under $100,000 if the decedent’s spouse is the only heir. This affidavit usually secures a quicker and simpler probate.
Another option for simplifying probate in Nevada is choosing summary administration. This process is reserved for estates worth between $100,000 and $300,000.
What Happens If Someone Dies Without a Will?
According to Nevada’s intestate succession laws, if someone dies without leaving a will, the estate will go to heirs. For instance, if the decedent was married and had one child, the estate is divided in equal shares between the spouse and the child.
Avoiding Probate in Nevada
It’s possible to avoid probate in Nevada with timely estate planning. A revocable living trust is one common tool estate owners use to bypass probate. A revocable living trust is a legal entity that can hold assets like bank accounts, IRAs, brokerage accounts, stocks, and real estate.
During their lifetime, the grantor (trust creator) can continue using the trust assets as usual or transfer them at any time. Once the grantor passes, a pre-appointed trustee takes over trust administration and distributes assets to beneficiaries according to the trust document.
Other ways to avoid probate include:
- Joint ownership with property passing straight to the surviving owner, like the decedent’s spouse. This can work for bank accounts, real estate, and more.
- Beneficiary designations for bank accounts, retirement accounts, and insurance policies.
- Transfer-on-death titles for motor vehicles and other real property.
How Long Does Probate Take in Nevada?
Even when probate goes smoothly, the process usually takes a minimum of four to six months. This period is necessary for publishing notices to potential creditors and giving these creditors enough time to file any claims against the estate.
Nevada probate can take considerably longer if:
- The decedent left no will, or some of the beneficiaries contest the validity of the will
- The will executor doesn’t fulfill their duties correctly
- The beneficiaries request to appoint a different executor
- The estate is very large and complex and/or includes holdings in several states
- The estate is heavily encumbered with debt or taxes
- Some beneficiaries are hard to reach, such as those who live abroad
What Happens During Probate?
Assuming the decedent left a will, the person they appointed as their executor will settle the estate and distribute assets to beneficiaries. This task will fall upon a court-appointed executor without a valid will. Either way, the usual steps of Nevada probate are as follows:
- Providing the court with information about the decedent’s estate and debts, including a full inventory of the assets and their value. This includes savings accounts, investments, real estate, vehicles, art and collectibles, etc.
- Handling ongoing expenses like mortgage payments, property taxes, homeowners’ insurance, or necessary repairs to real property. These costs will come out of the decedent’s estate.
- Tracking down the decedent’s creditors and settling valid claims against the estate. In Nevada, creditors generally have 60 days after the official notice to make claims.
- Distributing assets and estate closure. Once the executor has paid off any outstanding debts, taxes, and other estate expenses, they will distribute the remaining assets to beneficiaries according to the decedent’s will or the state’s intestacy laws. This concludes Nevada probate and closes the estate.
Costs Associated With Probate
Besides being a long and often tedious process, probate involves expenses like court fees and lawyer’s fees. If you hire an attorney to help you handle probate, choose a legal professional licensed by the State Bar of Nevada.
The estate should also cover executor fees. Unless the will specifies how much the executor should receive for their services (or the executor waives compensation), the statutory fees are 4% for the first $15,000, 3% for the following $85,000, and 2% for estates worth above $100,000.
Executor compensation can be more complicated if more than one person handles estate closure. In this case, the court will look into each executor’s effort and distribute fees accordingly.
What Are Your Options If Probate Takes Too Long?
Sometimes, Nevada probate takes longer than average. Maybe your family member left an especially large or complex estate, passed away without a will, or appointed an inappropriate person as their executor.
A probate process that drags on can be a problem if, for example, you counted on inheritance to pay off part of your mortgage or fund college for a child. In this situation, you may consider applying for an inheritance advance.
An inheritance advance is non-recourse funding that you only have to repay when you collect your inheritance. Your probate case will undergo a check, and if you’re approved for funding, you can access cash quickly and use it to cover your expenses. If something unpredictable happens and your probate case falls through, you won’t need to repay the advance.
Apply for Quick Funding With Rockpoint Probate Funding Today
Do you need faster access to your inheritance than Nevada probate will allow? Unlock your funds as soon as today with Rockpoint Probate Funding. We provide quick cash against pending inheritances with no credit checks or collateral.
Call (888) 263-8588 or contact us to apply for inheritance funding today.
