Disclaimer: This article is educational and does not provide legal advice. Consult a qualified attorney for personalized guidance.
Detailed Answer
Bringing real property into the estate ensures you can liquidate assets to pay debts and claims. Nevada uses formal probate or summary administration for smaller estates. Here’s how you proceed under NRS Chapter 146 and NRS Chapter 147:
1. Review Title and Ownership
Locate the decedent’s deed and mortgage documents. Confirm whether the property passed outside probate via joint tenancy, trust, or beneficiary deed. If so, you may not need to probate the asset.
2. Choose the Probate Path
Under Nevada law you may file:
- Formal Probate (estate value exceeds $100,000): file a petition in the district court for the county of the decedent’s residence. See NRS 146.040: NRS 146.040.
- Summary Administration (estate not exceeding $100,000): file a petition under NRS 146.055: NRS 146.055.
3. Appoint a Personal Representative
After filing, the court issues Letters Testamentary or Letters of Administration. This empowers the representative to manage estate assets. See NRS 146.060.
4. Inventory and Appraise the Property
The personal representative must file an inventory and appraisal within 3 months of appointment. See NRS 146.155: NRS 146.155. Include a certified copy of the deed.
5. Provide Notice to Creditors
Send notice to known creditors and publish notice in a local newspaper. See NRS 147.015: NRS 147.015. Creditors have 3 months to file claims.
6. Record Authority to Transfer
Record a certified copy of the Letters with the county recorder. This places the estate in title. Check recorder fees and requirements with your county recorder’s office.
7. Sell or Encumber the Property
If you need to liquidate assets to pay claims, petition the court for permission to sell real property. Formal probate requires court approval under NRS 147.060: NRS 147.060. In summary administration, the process is faster.
8. Pay Claims and Close the Estate
Use proceeds to pay valid claims in priority order. After settling debts and administrative costs, distribute any remaining funds to heirs. File a final accounting and petition for discharge.
Helpful Hints
- Gather deeds, title insurance policies, and mortgage statements early.
- Verify if the property transfers outside probate via beneficiary deed.
- Check if your estate qualifies for summary administration under NRS 146.055.
- Keep meticulous records of notices, appraisals, and court filings.
- Consult a probate attorney to avoid delays or compliance issues.