Determining Remaining Estate Assets After Debts and Fees in Nebraska

Disclaimer: This article provides general information under Nebraska law. It is not legal advice. Consult a qualified attorney for guidance on your specific situation.

Detailed Answer

When settling an estate in Nebraska, the personal representative (executor or administrator) must first gather all assets, then pay valid claims and administrative expenses. The remainder, called the “residuary estate,” goes to heirs or beneficiaries. Here’s how to calculate what remains:

1. Compile a Complete Inventory
   Identify and value all estate assets, including:
• Real property (homes, land)
• Bank accounts and investments
• Personal property (vehicles, jewelry, collectibles)
• Life insurance proceeds and retirement accounts not payable on death
2. Identify and Notify Creditors
   Publish notice to creditors and mail direct notice to known creditors under Neb. Rev. Stat. § 30-24-109 (Neb. Rev. Stat. § 30-24-109).
3. Review and Allow or Contest Claims
   File a schedule of claims. Valid claims include funeral expenses, medical bills, taxes, and other debts. Neb. Rev. Stat. § 30-24-108 sets filing deadlines.
4. Pay Administrative Expenses
   Pay in this order per Neb. Rev. Stat. § 30-24-21 (Neb. Rev. Stat. § 30-24-21):
   • Funeral expenses and family allowance
   • Estate administration costs (court costs, bond premiums)
   • Attorney fees
   • Creditor claims and taxes
5. Calculate the Residuary Estate
   Subtract the total of all debts and expenses from the gross estate value. The formula is:

   Remaining Assets = Total Asset Value – (Allowed Claims + Administrative Expenses)

   The result is the net estate available for distribution to beneficiaries under the will or Nebraska’s intestacy laws (Neb. Rev. Stat. §§ 30-2201 to 30-2207).

Helpful Hints

• Maintain detailed records of all valuations, notices, and payments.
• Use certified appraisals for high-value items to avoid disputes.
• Meet creditor deadlines to limit personal liability.
• Consult Neb. Rev. Stat. ch. 30, art. 24 for probate procedures.
• Keep beneficiaries informed to reduce conflicts and delays.