Executor Duties Under Nevada Law

Disclaimer: This article is for educational purposes only and does not constitute legal advice.

Detailed Answer

As a personal representative (often called an executor), you owe a duty to pay valid creditor claims from estate assets before distributing funds to beneficiaries. Verifying available estate funds helps you fulfill these duties and avoid personal liability.

1. Understand Your Role

Under Nevada Revised Statutes (NRS) §147.020, the personal representative must marshal and manage estate assets, pay debts and distribute the remainder to beneficiaries. You act on behalf of the estate—not your own interests.

2. Inventory and Appraisal

NRS §147.085 requires you to file an inventory and appraisement listing all real and personal property. This process establishes the asset pool from which creditors may be paid. Use appraisals, bank statements and property valuations to confirm fund balances.

3. Give Notice to Creditors

Within two months of appointment, NRS §147.090 mandates that you publish notice to creditors in a local newspaper and mail notice to known creditors. This step sets a deadline for filing claims.

4. Review and Approve Claims

Creditors must submit claims under NRS §147.100. You should examine each claim, comparing it against invoices, contracts or account statements. Only allow valid claims.

5. Confirm Funds Before Payment

Before you issue payment, verify that the estate account holds sufficient funds. Open a dedicated estate bank account. Tally liquid assets—cash, securities and receivables—against anticipated distributions and court costs. If assets lag behind claims, seek direction from the probate court under NRS §147.130 before making payments.

6. Follow Payment Priorities

Arizona law sets claim priorities under NRS §147.230. Administrative expenses come first, then funeral costs, taxes, secured debts and general creditors. Confirming funds lets you allocate available assets correctly.

7. File an Accounting

NRS §147.360 allows interested parties to review your accounting of receipts, disbursements and distributions. Keeping detailed records of fund confirmations, claim approvals and payments streamlines this reporting and builds transparency.

Helpful Hints

• Open a separate estate bank account immediately after appointment.
• Keep digital and paper records of appraisals, bank statements and invoices.
• Check NRS 147.090 for notice requirements and deadlines.
• Consult the probate court before paying large or disputed claims.
• Use accounting software or spreadsheets to track assets and liabilities.
• Always verify balances on the payment date to account for pending transactions.