Probate
What is probate?
Probate is the legal process wherein the court oversees the administration of your estate, resolution of all claims, and distribution of your assets according to your will when you pass away. Probate can be costly to your estate and very time consuming.
How can you make sure your final wishes are properly carried out with minimal court involvement?
The first step is to meet with a qualified estate planning Las Vegas attorney to develop a plan of action that would include some of the following:
- Drafting and executing a valid will/trust
- Assigning agents for health care and financial matters on your behalf if you are incapacitated
- Developing a list of assets that would be transferred at your death to a beneficiary
- Developing a list of your debts and obligations
- Drafting a distribution plan according to your wishes
What happens if you don’t own your home? Is probate still necessary?
Our Firm recommends you talk with one of our qualified estate planning attorney to get the answer to case specific questions regarding your estate. Each situation is unique, but as a general rule if the estate is valued above $20,000 a probate hearing is required.
Depending upon your situation, you may be able to qualify for a simplified probate. However, we recommend you meet with a qualified estate planning attorney to determine tax exposure, debt obligations, and proper asset transfer in addition to issues relating to probate avoidance.
Making gifts may help you avoid probate. For instance, if you don’t own something when you die, it doesn’t have to go through probate. This strategy lowers probate costs because, as a general rule, the higher the monetary value of the assets that go through probate, the higher the expense. If you give away enough assets, your estate might even qualify for a small estate probate procedure after your death.
Probate needs to be completed within a year of your initial start date. It may take 18 months for some complex cases, but we suggest you have legal representation in such instances. Your attorney may need to file a status report to explain why you need an extra 6 months to complete your probate.
