Disclaimer: This article provides general information about Nevada probate procedures and does not constitute legal advice. Consult a licensed Nevada attorney for guidance specific to your situation.
Detailed Answer
When someone dies without a trust, the court appoints an administrator (also called a personal representative) to manage the estate. Nevada law offers the following mechanisms to ensure the administrator fulfills estate duties and bond requirements:
Court-Ordered Bond
Under Nevada Revised Statutes (NRS) 155.160, the court generally requires the administrator to post a bond. Bond amounts often equal twice the estate’s estimated value to protect creditors and beneficiaries. The bond ensures compensation if the administrator mismanages funds. In limited situations, interested parties may waive the bond or reduce its amount per NRS 155.200.
Inventory and Appraisal
The administrator must file an inventory and appraisal of estate assets within three months after appointment, as detailed in NRS 160.010. This report lists all assets and their values. Missing or late filings can lead to court sanctions or surcharge.
Ongoing Court Supervision and Accounting
Nevada law requires periodic accountings. Per NRS 160.040, the administrator must submit detailed financial reports at intervals set by the court. Beneficiaries and creditors receive notice and can review or object to accounting entries.
Notice, Objections, and Removal
The court must notify interested persons about filings, hearings, and requests to discharge the administrator. If beneficiaries or creditors suspect misconduct, they may object or petition the court for removal under NRS 155.020. The court can remove the administrator for neglect, fraud, or incompetence and appoint a successor.
Surcharge and Surety Liability
If an administrator breaches duties or misuses estate property, the court can impose a surcharge, compelling reimbursement for losses. The bond’s surety company may also face liability for estate deficits caused by the administrator’s actions.
Helpful Hints
- Keep detailed records of all estate transactions, including receipts and statements.
- Follow statutory deadlines for inventories and accountings to avoid penalties.
- Communicate openly with beneficiaries and creditors throughout probate.
- Verify bond requirements and consider waiver only with unanimous consent.
- Review court notices promptly and object to inaccuracies.
- Consult a licensed Nevada attorney if disputes or complexities arise.