Serving as the executor of someone’s estate means taking on numerous responsibilities. An executor must disclose the contents of the will to family members. They have to oversee probate proceedings and distribute assets to beneficiaries.
Their role also requires that they settle matters left behind by the deceased individual. Executors typically have to file tax returns and settle debts owed by the deceased. Notifying creditors is an important part of the probate process.
What must an executor do to properly perform this task in compliance with Nevada law?
They must send personal notice by mail
Many creditors are what the state considers known creditors. Someone with access to an individual’s finances or mail will quickly find evidence of an open account with a business or a debt owed to an individual.
These known creditors have a right to formal, written notice about the death and the beginning of probate proceedings. Notifying all potential known creditors is crucial, as those not informed of someone’s death could potentially initiate actions even after their right to bring a claim has technically already expired.
They may also need to publish notice
People can have unknown creditors that don’t appear in any household paperwork. Publishing notice about the probate proceedings and the death of the testator in local newspapers allows the executor of an estate to fulfill their obligation to creditors.
Anyone who learns of the estates with valid debt can potentially bring a claim against the estate in probate court. Those that do not bring the claim in a timely fashion, especially if they have received direct notice from the executor, may lose their right to repayment.
Understanding the rules for probate proceedings can help you to follow them appropriately.