passing assets to the next generationProbate
Probate can seem like a daunting task, especially for family and loved ones dealing with physical and emotional 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.
Probate can be a lengthy and confusing process.
The goal of probate is to marshal the decedent’s assets, provide payment for valid debts and expenses and to distribute the estate pursuant to the decedent’s will or in accordance with the laws of the State of Nevada.
Wood Law Group has the expertise to effectively and efficiently pass assets from the decedent’s estate to the next generation.
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 are 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.
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