Distributing assets and property after the death of an estate owner can be done through a process known as probate. It’s a common court-supervised proceeding in the state of Nevada that’s often used to begin the process of administering an estate. Overwhelmingly, one of the most common questions about the entire process is: what’s the average cost of probate in Nevada?
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The answer may not be fully satisfying: The cost of probate in Nevada can vary and usually depends on a number of things such as:
Complexity and size of an estate
How many heirs are involved, and will any contest the Will
Type of Estate Plans left
Use of a probate attorney (or not)
Common Probate Fees in Nevada
Though total probate costs can range, some fees are common in most, if not all, probate proceedings. Probate costs can include:
Miscellaneous court fees and filing fees
Attorney fees (if seeking counsel)
Any bonds required (Probate Bond)
Personal Representative compensation - Nevada sets Executor compensation by statute, ranging from two to four percent
Various professional fees
Common Questions About Probate in Nevada
How Long Does Probate Take in Nevada?
In Nevada, probate proceedings can take an average of 120 - 180 days to close. Of course, the larger and more complex an estate is, the longer the probate process can take.
How Much Does a Probate Lawyer Cost in Nevada?
Because probate attorney fees in Nevada can vary, it’s not easy to estimate a fee. Some probate attorneys will bill by the hour, but the majority in Nevada bill a flat fee using statute. Typically, it’s between two and four percent of the estate value.
How to Avoid Probate in Nevada?
Some people would rather avoid probate, and with good reason. Probate can be messy, complicated, time-consuming and stressful. You could potentially avoid probate in Nevada through any of the following strategies:
Establish a Revocable Living Trust
Title assets and property as:
Tenancy by the Entirety
Community Property With Right of Survivorship
Open accounts as TOD or POD (Transfer on Death; Payable on Death)
Estates that have a value below the “small estate” threshold can often avoid probate or at least only have to go through a minimal version of it.
What is Considered a Small Estate in Nevada?
In Nevada, a surviving spouse can use an Affidavit for estates under $100,000 (as long as there’s no real property). Anyone else can use it if the value is less than $25,000. Either way, there is a 40-day waiting period after the decedent's passing.
The summary probate procedure can be used when an estate is worth less than $200,000 (with the court’s approval). If it’s less than $100,000, the court can put all property aside for a domestic partner, spouse or minor children.
Who Pays Probate Fees in Nevada?
The cost to go through probate (even probate lawyer fees) in Nevada can be paid for out of the estate’s value.