Vegas Probate
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.
What is Vegas probate?
Nolo Law for All says “Probate is a legal process that takes place after someone dies.” It includes:
- proving in court that a deceased person’s will is valid (usually a routine matter)
- identifying and inventorying the deceased person’s property
- having the property appraised paying debts and taxes, and
- distributing the remaining property as the will (or state law, if there’s no will) directs.
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).
What about Vegas Probate?
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.
Now, what about estate taxes and inheritance taxes?
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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Bright Home Innovations, LLC is a cash buyer solution. We can buy the property “as-Is,” and we don’t require repairs; we pay cash and can close quickly if needed, most times we can close in less than 30 days. There are no closing costs or inspections for the seller, and no real estate commissions.
For more information about Vegas Probate
We are the premier Las Vegas probate real estate solutions specialists that help families through transitions. Let’s find the right solutions for you to sell your property hassle free and on your timeline.
Bright Home Innovations, LLC is the areas’ premier real estate solutions company.
Since our inception, we have been helping homeowners along with improving communities in every city in which we work.
Through our extensive knowledge of the business, network of resources, and years of expertise, we can assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their situations.
Call us today at 702-900-4495