2 concerns for real estate during Nevada probate proceedings

When someone dies in Nevada, almost all of their personal property will become part of their estate. Some assets, such as bank accounts with a transfer on death designations, won’t need to pass through probate court. However, many belongings will require probate oversight before the beneficiaries of the estate become the official owners of those assets.

Real estate is frequently the most valuable property someone has in their name when they die, and it can also be the asset that necessitates probate oversight. Whether you are in the middle of planning your own estate or preparing to manage someone else’s estate in probate court, there are two concerns you need to understand as you plan to address real property.

Criminals may target the property

Burglars and those looking to commit property crimes often watch the obituaries to see who died. A home left vacant when an elderly adult living alone dies is the ideal place for an opportunistic criminal to target.

Teenagers in the neighborhood may also know that the home is vacant and could plan a large party there. Vagrants and indigent individuals might also squat at the property, using it as a temporary shelter and causing massive damage while they live there.

Testators need to leave instructions to help people locate and secure their most valuable assets within their homes, and executors need to be ready to move quickly to protect real property and the contents of houses from criminals in the local community.

The property value drops if it sits vacant

Changing the locks and installing security cameras to deter vandals won’t be enough to preserve property values. Damage to the property caused by opportunistic criminals is only one of many reasons why the fair market value of vacant properties tends to drop significantly.

The longer the property sits empty, the harder it may be for you to secure its full value when selling it to others. Vacant properties are also at risk of something going wrong, like a pipe bursting inside, which could be very problematic when no one lives there to address the issue quickly.

A good estate plan doesn’t just talk about who will own your property but will also either streamline the transfer of the real estate or arrange for someone to take care of the property until it passes through probate court. Executors need to recognize what might reduce the value of the biggest state assets so that they can move to protect that property.

Identifying risk factors for real properties included in someone’s estate can make estate planning or probate administration less stressful.

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