Nevada Inheritance Loans and Probate Advance Law
When a person passes away, something must be done with their estate. Usually, a person leaves behind instructions with a will. Probate is the legal process to ensure that the details of the will are followed. Every state has laws on probate and how it must be handled. The laws provide guidelines on when and how probate must be filed with the court, what signatures and documents are required, and even how probate can be avoided for certain types of property.
What are Nevada Probate Laws?
Nevada probate laws are rather complex because there are four types of probate based on the size of the estate and other factors. Each one requires an administrator be appointed to handle the estate. The four types of probate include the following:
- Affidavit of Entitlement – designed for estates with a value of less than $20,000 and no real property
- Set Aside – designed for estates with a value of less than $100,000 and can include real and personal property with minimal court involvement
- Summary Administration – designed for estates under $200,000 and is more complex
- General Administration – designed for estates over $200,000 and requires more court supervision and a possible bond by the administrator
If you are the administrator of an estate, you may want to work with an attorney who is experienced in Nevada probate. They will be able to guide you in determining which type of probate is right for the estate and help you meet all requirements. A bond is usually not necessary for the General Administration probate if an attorney represents the estate.
What is the Probate Process in Nevada?
There are specific steps to take in the probate process for Nevada. It’s important to know what these are and complete them by the deadlines.
- The first step is to file a petition for probate with the court. If you have an attorney, they will do this, but they need a copy of the death certificate and will.
- The court will appoint an administrator for the estate. They will be given paperwork which gives them the authority to act on behalf of the estate.
- The administrator will need to notify all heirs and creditors of their role. They will publish a notice in the local newspaper to let any unknown creditors know about the probate.
- The next step is to inventory the assets of the estate. The administrator will need to assign a value to the items.
- The administrator will need to pay any debts. If they dispute any debts, the creditor must file a lawsuit against the estate in a short time to be able to collect payment. With larger debts, the administrator may need to sell assets to make the payments. Before selling, they may be required to get approval from the court.
- Once all debts are satisfied, the remaining assets are distributed to the heirs as directed by the will or probate law.
Even though the administrator has an important role in handling the estate, they don’t own it. Until it is distributed, the estate is controlled by the court.
What Property Will Go Through Probate in Nevada?
Only certain types of property must go through probate in Nevada. This includes assets owned by the deceased person with no co-owner and no one named as beneficiary. If there is a named beneficiary, the asset generally goes directly to them. If there is a co-owner, the property may not need to go through probate. For example, a house which is owned by two people who are joint tenants would not need to go through probate, but if it is owned as tenants in common, it may be subject to probate. Property that has a payable upon death contracts, such as bank accounts or life insurance policies, transfer to the beneficiary if one is named. Small estates that meet the requirement for an Affidavit of Entitlement may not need to go through court.
How Can You Avoid Probate in Nevada?
The best way to avoid having an estate go through probate in Nevada is by planning ahead on how each asset is set up. A living trust will protect your estate and allow it to go to the beneficiary you name. It’s worth the time to set up a trust to avoid the expense of probate. This process is also time-consuming because you must wait the designated time for creditors to file claims against the estate. It can take even longer if there is a lawsuit or dispute against the will. In fact, while probate is generally completed in less than a year, it can take several years with a large estate if there is someone contesting the will.
Can You Get Access to Inheritance Funds in Nevada Right Away?
Even if the estate is stuck in probate, there are ways to access the inheritance funds quickly in Nevada. The process is called a probate cash advance. It’s a straightforward process that doesn’t require a strong credit history. You provide basic personal information which is kept secure. You have the option to use the funds any way you want. You can get a probate cash advance from ProbateAdvance in just a matter of days. You won’t find any hidden charges or monthly payments. There is no interest on the money, and it can be in your bank account in just a few days.
Do You Qualify for an Inheritance Cash Advance?
It is possible to qualify for a cash advance against your inheritance if you are the rightful heir to an estate in Nevada. Use those funds to renovate your home, pay for your kids’ college or take a vacation. It’s your money, and you shouldn’t have to wait to use it.
What Do You Need to Get a Probate Advance in Nevada?
You will need to provide proof that you are the heir of an estate in Nevada to get a probate advance. You will need to have the correct documentation and fill out an application. When doing this, you must decide how much of your inheritance you want to receive now. Once approved, you could have the money available to you in less than 48 hours.
Where in Nevada Can You Get an Inheritance Loan?
We provide probate advances throughout Nevada, such as:
- Las Vegas
- North Las Vegas
You can learn more about probate in Nevada and how it impacts your inheritance with the following resources.
Nevada Probate Resources
Nevada Inheritance Tax Law