When a family member dies, what happens to the estate; the bank and savings accounts, the stock and bond accounts, the real estate, insurance, trusts, annuities, business interests and other assets? It depends on Vegas probate.
Nolo Law for All says “Probate is a legal process that takes place after someone dies.” It includes:
If deceased didn’t have a will without a Will, then the property will be distributed according to Nevada law regarding intestacy (dying without a Will).
In Nevada there are four kinds of probate:
“Affidavit of Entitlement” – this probate process is for the person who passed away had less than $20,000.00 in assets and no homes or land,
“Set Aside” – for the person who passed away who had less than $100,000.00 in assets
“Summary Administration” – for the person who passed away who had assets valued at less than $200,000.00. It requires giving notice to creditors of the decedent and paying claims that meet certain criteria.
“General Administration: – for the person who passed away who had assets over $200,000.00. This process is the most complicated and involves a significant amount of court supervision. In certain cases, the court requires that the personal representative buy a bond to ensure that they don’t mishandle assets.
The answer to this question is No. Nevada does not currently collect a state inheritance tax.
Disclosure: Estate taxes, wills, and probate are areas that need the expertise of a lawyer who specializes in these areas. Always seek professional advice.
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