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Everything you must know about probate

On Behalf of | Jan 21, 2022 | Probate |

A person’s death is a sensitive event, and so is the distribution of that person’s estate. Because this process can be complicated, the law requires some wills to go through probate. Probate is the process in which the court supervises how the executor pays off the deceased’s debts and distributes their assets according to their wishes. It can be a costly and lengthy process, but it allows the heirs to challenge the will if something is suspicious.

Probate in Nevada

All wills in Nevada that involve an estate worth more than 20 thousand dollars must go to probate court before the heirs receive anything. In probate, the courts examine a will’s validity and supervise how the deceased’s executor distributes their estate.

Pros and cons of probate

Some people want to avoid probate when creating an estate plan. This is because probate can be a lengthy and expensive process. The average probate process in Nevada can take up to 120 or 180 days, and it can take even longer if someone challenges the will.

Probate is lengthy because the courts must give creditors time to collect their interest in the deceased’s estate. The time probate takes also depends on the estate’s value. If a person’s estate is worth between 100 and 200 thousand dollars, the process is simpler. If it is worth more than 200 thousand dollars, the process can be more extensive.

Despite the cost and time of the process, probate has its advantages as well. As the court supervises the process, they can help resolve disputes when they arise. Also, the process allows the heirs to challenge the will if they believe there is something wrong or suspicious about it. For example, if the heirs believe that the deceased was forced to sign the will or not sound of mind when they created it.

A personal choice

There are ways in which a person can determine the distribution of their estate without creating a will that needs to go through probate. Other estate planning tools, like trusts, can avoid this process. However, whether a person should avoid probate or not depends on their specific wishes and circumstances. To make the best decision, those interested in creating an estate plan should consider talking to a lawyer.