Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a licensed attorney in Nevada to address your specific situation.
Detailed Answer
1. Determine If a Small Estate Affidavit Applies
Nevada law allows you to bypass formal probate for small estates. If the total value of the decedent’s personal property (including bank accounts) does not exceed $100,000, eligible heirs or representatives can use a Small Estate Affidavit under NRS 155.005 and NRS 155.010. To qualify, you must:
- Be the surviving spouse, next of kin, or personal representative.
- Value all intangible personal property (e.g., bank accounts) at $100,000 or less.
- Obtain a certified death certificate.
Once you file the affidavit with the court and wait the required period (usually 30 days after filing), banks will release funds directly to you.
2. Open Formal Probate When Needed
If the estate exceeds the small estate threshold or includes real property, you must open a formal probate case in the Nevada district court under NRS 150.010. Steps include:
- Filing a petition for probate with the clerk of the district court in the county where the decedent lived.
- Notifying heirs and beneficiaries per court rules.
- Obtaining letters testamentary (if there’s a will) or letters of administration (if there isn’t a will).
These court-issued letters authorize you to access bank accounts, collect assets, pay debts, and distribute remaining funds per the will or Nevada’s intestacy rules.
3. Present Documentation to the Bank
Whether using a small estate affidavit or formal probate, bring the following to the bank:
- Certified copy of the death certificate.
- Court-issued letters (testamentary or administration) or certified small estate affidavit.
- Photo identification of the person presenting the documents.
The bank will verify documents and release the funds. Nevada banks must follow NRS 163.095, which governs payment of deceased persons’ accounts.
4. Distribute Funds According to Law
After collecting account balances, you must distribute funds:
- If there’s a will, follow its terms under NRS 136.010.
- If there’s no will, use Nevada’s intestacy statute at NRS 134.020.
Keep accurate records. You’ll need receipts and accounting records to close probate and satisfy any outstanding claims.
Helpful Hints
- Start with a certified copy of the death certificate—banks will request it first.
- Confirm estate value before choosing small estate affidavit vs. formal probate.
- Consult the Nevada Revised Statutes online to verify filing fees and deadlines.
- Keep originals of court documents; banks often require certified copies.
- Maintain a log of distributions and bank transactions to simplify final accounting.
- Consider hiring a probate attorney if the estate involves complex assets or potential disputes.