Every estate is different and seeking understanding of local and state requirements during the estate planning process can make later estate administration easier. Whether dealing with simple or fairly complex estates, there are some considerations that the county government recommends for residents of Clark County, Nevada.
Financial institutions that offer checking, savings, investment, retirement, life insurance or other accounts often have specific requirements for closing accounts or transferring assets after the death of the account holder. Understanding those requirements ahead of time lets families ensure all necessary information is on hand when it is time for estate administration, reducing the time spent dealing with paperwork during a grief period.
When real property is involved in an estate, issues can become more complex, and experts often recommend seeking professional assistance to keep things in order and moving smoothly. One important thing to consider before moving forward with any real property action is whether there are judgments, deeds, liens or other actions with regard to the property. It’s possible these items exist and family members don’t know about them, which means a search of the Clark County Recorder’s Office files may be required.
Other assets, including items like jewelry or family pictures, can be passed on to heirs through a variety of methods. Understanding what method works best for you lets you ensure the least likely chance of probate issues. According to the Clark County government, probate is not required if the gross value of an estate is nominal and the heir is entitled to collect the estate by law. Knowing when probate is not required lets families reduce the hassle of the estate administration process.
Source: Clark County Government, “Estates, Handling of” Aug. 21, 2014