In most cases, assets that are subject to the probate process in Nevada are those that are owned solely by the deceased person. Many assets do not need probate, which can be a lengthy court process. Here is more on probate and non-probate assets in Nevada.
Probate Assets
Assets owned in the name of the deceased person with no co-owner that are usually subjected to probate include vehicles, bank accounts, and real estate. Property titled in an individual’s name or as “Tenants in Common” is subject to probate.
In Reno, there are more streamlined or simplified processes for qualifying estates. For example, estates with assets with a gross value of over $100,000 but less than $300,000 are eligible for summary administration, a shortened probate process. For estates valued up to $100,000 or less with multiple heirs, a person can file a petition to have the assets set aside for the heirs without administration. However, all of this requires court filings in the probate court.
The different options available have legal nuances and pitfalls, making it beneficial to work with an estate attorney.
Non-Probate Assets
Assets that have named beneficiaries are not included in probate. These include retirement accounts and insurance policies, assuming there is a qualified and properly identified beneficiary. Minors cannot take these accounts and may still mandate a probate or financial guardianship if they are listed to take on a beneficiary form. Bank accounts and brokerage accounts that have payable-on-death (POD) or transferable-on-death (TOD) beneficiaries who are alive, and over age 18, do not require probate. Other common examples of assets not generally subject to probate include:
- Co-owned savings bonds with spouses
- Property owned or held in trusts
- Real estate owned in joint tenancy with surviving joint owners
Searching for Probate Assets
Before going through the probate process, one needs to know as much as possible about the decedent’s assets. To find out what an individual owned at the time of their death, a person can go through the deceased individual’s mail and check their emails and online history. If the deceased person had a reliable filing system, reviewing their papers can help find accounts that the person paid into or money left behind.
After finding the assets, one can then determine whether they are probate or non-probate. Nevertheless, searching for the assets of people who passed away can be stressful. Getting professional help from an estate attorney can help with knowing the best places to locate assets, such as private records, personal belongings, and safety deposit boxes. The attorney can also help people understand the laws affecting them depending on their circumstances.