passing assets to the next generation

Get Help in Probate Matters From Las Vegas Probate Lawyers

Las Vegas Probate Lawyers at Wood Law Group help with the probate process and can advise on wills, trusts, and estate planning needs. Learn more here.

Probate Process Lengthy and Confusing

The goal of the probate process is to marshal the decedent’s assets, provide payment for valid debts and expenses, and distribute the estate according to the decedent’s will or by the laws of the State of Nevada.

Wood Law Group has the expertise to effectively and efficiently represent clients in estate administration and probate matters, whether or not there is a will.

The law firm of Wood Law Group has the experience and knowledge to handle all aspects of probate administration, including:

  • Filing the necessary paperwork with the court
  • Identifying and appraising assets
  • Paying debts and taxes
  • distributing assets to beneficiaries

We understand that the probate process can be lengthy and confusing, and we are here to help. Contact our estate planning attorneys today for a free consultation.

Passing Assets to the Next Generation With the Help of Our Las Vegas Probate Attorneys

Probate can be a daunting task, especially for families and loved ones facing the aftermath of a loss. Probate is a term used for the legal process in which your estate and assets will be distributed by Court order after your death among the rightful beneficiaries.

The goal of probate is to marshal the assets of the deceased person, provide payment for valid debts and expenses, and distribute the estate pursuant to the decedent’s will or by the laws of the State of Nevada.

Probate attorneys wear many hats, but their primary role is helping survivors navigate the probate process. What this looks like will depend primarily on whether or not the deceased had drafted a last will before their death.

No matter the circumstances, Wood Law Group has the expertise to effectively and efficiently pass assets and estate planning in Las Vegas from the decedent’s estate to the next generation.

How Does Probate Work in Las Vegas, NV?

Whether the decedent has a will or not, the court will appoint a family member or close associate to act as a personal representative of the Decedent’s estate. This person is tasked with collecting the assets and following the rules laid out by the Court. Proper notices must be filed, and creditor claims must be reviewed, paid, or rejected.

Once all the assets have been discovered and collected, the personal representative must prepare an accounting of everything collected and spent. With Court approval, the personal representative can distribute the assets to the heirs/beneficiaries of the estate.

The entire probate process can take anywhere from a few months to a few years to complete, depending on the size and complexity of the estate. Whether the estate is simple or complex, the personal representatives have a fiduciary duty to the estate and must follow the letter of the law.

This is where having an experienced probate attorney by your side can be invaluable.

Navigating the Probate Process in Nevada: A Step-by-Step Guide

The probate process in Nevada, while intricate, follows a structured path designed to settle the deceased’s estate with clarity and legal precision. Here’s a concise guide to navigating these waters:

Filing the Petition:

The journey begins with filing a petition for probate with the Nevada court, marking the formal request to initiate the process. This step is crucial for appointing a personal representative if one hasn’t been designated in the will.

Notifying Interested Parties

Following the petition, the law mandates the notification of all interested parties, including beneficiaries and creditors, ensuring transparency and the opportunity for any claims against the estate.

Inventory and Appraisal

The personal representative is tasked with compiling a comprehensive inventory of the decedent’s assets. These assets are then appraised to determine their current market value, a step that lays the groundwork for equitable distribution.

Paying Debts and Taxes

Before any distribution, the estate’s debts, including any outstanding taxes, must be settled. This ensures that all financial obligations are met in accordance with state laws and the decedent’s wishes.

Distribution of Assets

With debts settled, the remaining assets are distributed to the beneficiaries as outlined in the will or, in the absence of a will, according to Nevada’s intestacy laws.

Closing the Estate

The final step involves filing a petition with the court to close the estate, signifying that all necessary actions have been completed and the estate can be officially closed.

Each step is accompanied by its own set of legal requirements and deadlines, making the guidance of an experienced probate attorney invaluable. With their expertise, navigating the probate process can be a more streamlined and less daunting experience.

Do I Need to Hire a Probate Attorney in Las Vegas?

 

If you are wondering whether a probate attorney is right for you, here are a few points that could help you decide instead of wandering into law offices.

1. Keep the Family Members From Conflict

Family members will always have needless conflicts about deceased assets, property, and the like. Every member will want to be part of the legal process, but the thing is, the more people get on board, the more conflicts will arise among them.

A probate attorney will help you avoid such conflicts among your family members, thereby minimizing estate disputes. Probate attorneys work diligently to eliminate potential conflicts and clarify any questions that may arise among family members.

 

2. Access the Estate Faster

The process of trying to probate an estate can range from three months to more than a year. No one can access the estate, property, or assets until the whole process is over. Having super lawyers by your side can make the process faster.

 

3. Prevent Claims Against the Estate

It is normal to find at least one person in the family who will try to claim against the estate. An attorney will eliminate such claims and protect the estate assets against persons who may wish to take advantage of the situation for their gain.

 

4. Handle All Debts and Tax Liabilities

The deceased may have left a few debts, and taking care of such financial responsibilities can be daunting. Much time will be spent trying to pay up all the debts and estate taxes that may not have been settled. An attorney may offer you legal advice on handling such debts and how to complete tax returns for the decedent.

 

5. Answer Questions

Probate law is quite complex, and the family will likely have many questions. A lawyer will be responsible for answering questions you or the family may have and paving the way forward on such probate issues if they arise.

Things to Consider When Choosing a Probate Lawyer

Let’s look at the qualifications one needs to consider to avoid costly mistakes when hiring a probate attorney.

  • Find an attorney in Las Vegas, NV, with years of experience in business planning, probate matters, and trust administration with general administration.

  • It is best to find someone who has a narrow focus on probate law.

  • Check the online reputation of the attorney before the consultation. Although one or two negative reviews are fine, if 50% of reviews are negative, you might need to think twice.

  • Find an attorney with broad and relevant experience with probate for estates of a similar size. The estate may include investments, money, and property.

How Much Does Probate Cost?

Most lawyers in the Clark County, North Las Vegas area charge by the hour. The hourly rates will significantly depend on how much training and experience the lawyer has. Large law firms will typically charge more than the sole practitioners.

Some may opt for flat fees, especially if hourly billing is a hassle for your particular type of case. Since they have a good idea of how long an average probate work and probate proceeding will take, they will estimate an amount based on that.

 

Average Cost of a Probate Attorney in Southern Nevada

  • The legal fees for probate can vary depending on the value of the estate’s assets.
  • Nevada has set rules on the administration requirements based on the net value of the assets.
  • If the net value of the assets is valued at less than $100,000, the process will be significantly different than estates valued at $500,000.

Wood Law Group offers free consultations, whether in person or over the phone, to discuss which level of probate is right for you and the corresponding fees the process involves.

Top Probate Attorneys in Las Vegas

Probate can be emotional and overwhelming, especially if the deceased had not left a will or had a poorly drafted will which can be challenging to interpret and distribute evenly among family members. Probate is a major part of our limited range of practice areas. As your probate attorneys, we may help you with the following:

  • Accounting for estate assets

  • Petitioning the probate court

  • Completing tax returns and distribution of the remaining estate assets

  • Availing for probate proceedings in court

  • Resolving any other probate issues that arise

Working with an experienced Las Vegas probate attorney can help you generate a good plan for the future when you aren’t around to take care of your loved ones. It is best to consult with a skilled attorney before the time comes and understands your available options and outcomes of each to identify what is best for you and your loved ones that would take care of them once you aren’t around.

Our Las Vegas Probate Lawyers Can Help You Avoid the Probate Process

 

There are a few key things you can do to avoid probate, and our probate lawyers can help.

Some key things you can do to avoid probate are:

  • Create a revocable living trust
  • Designate beneficiaries for your accounts
  • Transfer property ownership to a joint tenant

With our years of experience in probate law, we can help you understand the process and take the necessary steps to avoid it if possible.

Our attorneys can help you with the estate plan and provide you with the right information you need to make a sound decision. Contact our law office in Las Vegas, Nevada, today for a free consultation on probate proceedings and begin moving forward. We look forward to making this challenging time a bit easier for you.

 

Answers to

Frequently Asked Questions About Probate

How does probate work?

Whether the decedent has a Will or not, the court will appoint a family member or close associate to act as personal representative of the Decedent’s estate.

This person is tasked with collecting the assets and following the rules laid out by the Court.

Proper notices must be filed, and creditor claims filed must be reviewed and paid or rejected.

Once all the assets have been discovered and collected, the personal representative will need to prepare an accounting of everything collected and spent.

With Court approval, the personal representative is allowed to distribute the assets to the heirs/beneficiaries of the estate.

How much does probate cost?

The legal fees for probate can vary depending on the value of the assets of the Estate.

Nevada has set rules on the administration requirements based on the net value of the assets.

If the net value of the assets is valued at less than $100,000, then the process will be significantly different than if the assets were valued at $500,000.

Wood Law Group offers free consultations, whether in person or over the phone to discuss which probate level of probate is right for you and the corresponding fees associated.