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What are the rules covering the sale of estate assets in Nevada?

Nevada contains specific provisions in its probate code regarding the sale of assets from a decedent's estate. Unless the items that are sold are personal property that are exempted by the probate code, the personal representative must confirm sales of the estate with the court that is presiding over the probate process within 30 days of the sale.

In cases where the decedent had determined that he or she wanted certain real property sold, the personal representative does not have to provide notice to the court. However, he or she is still required to file a petition with the court to confirm the sale. Additionally, the court does not need to confirm that title passes to securities if the beneficiaries agreed to sell the securities and they received them through the will. However, if other securities are sold, the personal representative is required to obtain an order from the court that confirms the sale.

The court will not confirm a sale unless it is satisfied that the amount that is offered for the asset is its fair market value and the property had been appraised within one year from the time of the sale. However, if the personal representative is the only devisee or if all of the devisees consent in writing, an appraisal is not needed. An additional responsibility for the personal representative is to publish all sales of personal property in a local newspaper at least three times during a two-week period prior to the commencement of the sale. However, the personal representative need not complete this task if all of the devisees confirm in writing that they consent and the court confirms the sale.

Nevada probate laws are complex. An estate administration attorney can advise heirs and personal representatives of their rights and obligations regarding sales of estate assets.

Source: Clark County Courts, "Synopsis of Nevada Probate Law", Don W. Ashworth, November 02, 2014

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