An Overview of Probate Fees in Nevada
People facing probate fees in Nevada often have questions for estate planning attorneys. Professionals from the Wood Law Group provide answers. Contact us.
What Are Probate Fees?
Probate is the process through which an estate owner’s properties are distributed to the appropriate heirs and beneficiaries after the decedent’s death. Where the deceased left a will, the probate court validates it and oversees the distribution of the estate through the executor.
Where there is no will, the probate court will appoint an administrator to take charge of the estate, pay off any creditors and supervise the transfer of the remaining property to the deceased’s heirs.
However, the probate process is not free, as many official fees and expenses are attached to it. This is a massive concern for many people trying to put the estates of their deceased loved ones in order. Aside from the financial implications of probate fees, applicants for probate typically encounter some confusion since the amount to be paid as fees is not fixed. The cost of probate fees depends on several factors, including the value of the estate, whether the deceased left a will, or whether real property is involved.
If you’re trying to get through probate in Nevada, the information provided here can offer a general guide on the probate fee structure in the State. If you require more specific information, you might need to discuss your case further with experienced Las Vegas probate lawyers.
When Is Probate Required?
According to Nevada probate laws, probate is required if the value of the deceased’s estate is above $20,000 or it involves real estate; otherwise, the beneficiaries may be able to distribute the properties themselves without official intervention.
However, some estates that would otherwise need to go through probate may not have to if there are certain things in place, like a revocable living trust, beneficiary designations, and joint tenancy of the property that constitutes the estate.
Once the property in question is required to go through probate, there is no way to avoid paying fees. However, you may be able to manage costs by hiring a skilled lawyer or law firm that can swiftly and efficiently tackle the process for you.
How Much Are Probate Fees in Nevada?
There are no fixed probate costs, so it may be challenging to estimate your expense throughout the process. Nevertheless, some common areas or processes that would likely require the payment of fees include executor fees, attorneys fees, court filing fees, valuation costs, and other miscellaneous expenses. Some of these expense areas are further explained below.
Statutory Executor Compensation in Nevada
A decedent may provide for the compensation of the executor in their will. Otherwise, the remuneration of an executor or personal representative is regulated by Nevada statute as follows;
For the first $15,000 of the estate value, the representative is to be paid at a rate of 4%
For the next $85,000 of the estate value, the representative is to be paid at the rate of 3 percent.
Above $100,000, the representative is to be paid at the rate of 2 percent.
Probate Attorney Fees in Nevada
Nevada law also provides an optional compensation rate for attorneys of personal representatives as follows:
For the first $100,000 of the estate value, the attorney is to be paid at the rate of 4 percent.
For the next $100,000, the attorney is to be paid at the rate of 3 percent.
For the next $800,000, the attorney is to be paid at the rate of 2 percent.
For the next $9,000,000, the attorney is to be paid at the rate of 1 percent.
For the next $15,000,000, the attorney is to be paid at the rate of 0.5 percent.
For all amounts above $25,000,000, the attorney is to be paid a reasonable amount as determined by the probate court.
It is important to note that not all attorneys charge according to this statutory provision, as they are not required to do so. Some charge a flat fee, while others may charge a fixed rate on an hourly basis. You will need to discuss this with your attorney and decide whether their billing rate is convenient for you.
Official Probate Processes and Their Estimated Fees
There are several procedures that could take place as part of the probate proceedings in Nevada. Some of these procedures could shorten the duration of the probate process. However, they require you to pay some fees as well. They include the following:
Affidavit of Entitlement
Technically, with an Affidavit of Entitlement, one does not go through the entire probate process. However, the process is only available for estates smaller than $25,000 in value or estates less than $100,000 where the claimant is the surviving spouse of the deceased and no real estate is involved. Nevada law allows such assets to go through a simplified process where any person with a right to succeed the decedent can receive the property on behalf of other beneficiaries.
All that is required is for such a person to notify other relevant parties, such as the decedent’s family members, and wait for 14 days. If there are no objections, the claimant can then collect the necessary information about the estate and fill out an affidavit of entitlement. The affidavit has to be notarized and is only good 40 days or more after the decedent’s death.
This affidavit can then be presented to any agencies holding the decedent’s estate, and they will transfer ownership. It may cost less than $500 to get this done.
Set Aside Proceeding
Where the estate’s value is below $100,000, with or without real estate, a petition can be made to the court for a set-aside. A set-aside avoids many of the regular probate processes with the court’s permission, which shortens the process.
A set aside is usually charged as a flat fee and could cost as much as $3,000, depending on the circumstances of the case.
Summary and General Administration
A summary administration is for estates worth between $100,000 and $300,000. It is a shorter version of the general administration for estates over $300,000. For these two processes, the significant costs will be the attorney fees, and different probate attorneys will charge differently.
Note that the figures mentioned here are rough estimates, so before you begin any of these processes, consider consulting a probate attorney to ensure that you have the correct information.
How Las Vegas Probate Attorneys Can Help
The probate process in Nevada is complicated, and securing the assistance of a skilled probate attorney can help ease the stress associated with the process.
An experienced probate attorney can help minimize your probate costs in the long run, as they may be able to use their skills to help you avoid complications. Furthermore, their knowledge of probate shortcuts in Nevada can speedily help you resolve any issues or disputes on the estate in question.
Having an attorney to work with during the probate process is worth considering. If you are worried about pricing, all you need to do is arrange a free consultation with the experienced attorneys at Wood Law Group.
We can discuss the right process for you that can help minimize the probate cost and other corresponding fees. Contact us today for help with your probate processes and representation at the Las Vegas Probate Court.