Does life insurance go through probate?
If you’re the administrator of an estate, and the person who passed away had a life insurance policy, you may quickly realize that this was one of the most expensive assets that they owned. In fact, for many people, there is nothing that they have that is worth more...
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...
3 kinds of taxes you may need to file during probate proceedings
As the personal representative of an estate in Nevada, you have a lot of responsibilities. If you don't fulfill those obligations, you could face challenges in probate court or possibly personal liability. For example, you have to locate and protect the property owned...
What taxes may need to be paid after someone dies?
As the executor of an estate in Nevada, you have a lot of responsibilities. If you don't fulfill those obligations, you could face challenges in probate court or possibly personal liability. For example, you have to locate and protect the property owned by the...
What are the disadvantages of probate?
After you pass away, a court-controlled process begins where the court checks the validity of your will and the assets that you control go through probate. Debts get paid, assets get distributed and property changes hands. But there are also ways to avoid probate. For...
Who pays outstanding bills from an estate?
In many cases, a person still has outstanding bills when they pass away. These could be very complex, such as business loans that someone took out before an unexpected heart attack. But they could also be very minor bills, such as the utility costs for an elderly...
Should you “disclaim” an inheritance you don’t want?
Every year, people inherit things from well-meaning family members they have no use for. Most of these things can be easily sold, given to charity or stored away. That’s fine for sets of China, a collection of pocket watches or a hideous sculpture. However, what if...
Probate has to be opened where the deceased owned property
After someone has passed away, their assets have to be distributed. Probate is part of this process, and there are many different steps that may need to be taken. As you can imagine, every estate is slightly different, and every family has its own needs. One important...
Will your estate need to go through ancillary probate?
You’ve always been a bit of a wanderer and found it hard to put down roots in just one place. That’s why you have a summer home, a winter home and a small cabin retreat – all in different parts of the country. That can prove complicated for your heirs when it comes...
How do executors provide creditors with notice of the estate?
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...