Detailed Answer
When a person dies in Nevada, a personal representative gathers assets, pays debts and fees, and then distributes whatever remains. Here’s how you determine the remaining assets in an estate under Nevada law:
- Inventory Estate Assets: The personal representative must identify and list every asset owned by the decedent as of the date of death. This includes real property, bank accounts, investments, business interests, vehicles and personal property. See NRS 147.025.
- Appraise and Value Assets: Obtain professional appraisals for real estate, business interests and unique personal property. Secure bank statements and account balances as of the date of death.
- Notify Creditors: Under NRS 147.080, publish a notice to creditors and mail notices to known creditors. Creditors generally have three months to file claims.
- Review and Approve Claims: Examine each creditor’s claim for validity and priority. Nevada law ranks claims for payment in this order: administrative expenses and funeral costs; taxes; secured claims; and unsecured claims. (See NRS 147.055 and NRS 147.065.)
- Pay Debts and Fees: Use estate funds to pay valid creditor claims, court costs and personal representative commissions as allowed by NRS 147.075. Ensure that all administrative and statutory deadlines are met to avoid late fees or disallowed claims.
- Calculate the Residuary Estate: Subtract total debts, approved creditor claims, court fees and fiduciary commissions from the gross estate value. The balance is the residuary estate.
- Distribute Remaining Assets: Distribute the residue to beneficiaries following the terms of the will or, if there is no valid will, under Nevada’s intestacy rules (see NRS 134.040).
- Finalize and Close Estate: File a final accounting with the court detailing all receipts, disbursements and distributions. After court approval, distribute any remaining assets and petition for a discharge of the personal representative.
Disclaimer: This information is for educational purposes only and does not constitute legal advice. Always consult a qualified attorney about your specific situation.
Helpful Hints
- Keep detailed records of asset valuations, invoices and all creditor communications.
- Meet all statutory deadlines to avoid creditor penalties or estate delays.
- Consider hiring a probate attorney if the estate has complex assets or disputes.
- Remember that some assets—like jointly held property or life insurance proceeds—may pass outside probate.
- Communicate regularly with beneficiaries to manage expectations and reduce conflicts.