Misconceptions About Probate In Las Vegas
1. The cost of probate will wipe out all of the estate assets.
This is rarely true. Many estates can avoid probate completely because the deceased person had no assets in his or her name. He or she may have placed everything in a revocable living trust that allows for avoidance of the probate process.
In other cases, the decedent’s assets may be worth less than $200,000, so the estate may qualify for a simplified and less expensive probate process such as affidavit of entitlement, small estate set-aside or summary administration. Even if the estate requires formal probate, costs are likely to be only a small percentage of the value of the estate. Costs go up, however, if litigation is required to settle the estate.
2. Probate is a routine and simple process.
In many situations, probate can be a routine and simple matter. The process can often be complicated, however, by disputes over the terms of the will, the capacity of the decedent to make a proper will and the rights of spouses and children affected by divorce.
3. Having a will means you can completely avoid probate.
A properly drafted and executed will can do much to minimize the expense and hassle of probate. Will contests, however, are the most common form of probate litigation. A will contest involves an individual who makes a challenge to the validity of the will. Typical reasons wills are challenged include:
- Claims of undue influence
- Breach of fiduciary duties by the executor or personal representative
- Disputes over distribution of property
- Lack of timely or proper inventory of assets
- Omission of creditors
- Improper execution of the will
We Can Guide You Through Probate
The attorneys of Cassady Law Offices, P.C., can help you sort through common misconceptions about probate in Las Vegas and throughout southern Nevada. Family owned and operated since 2002, our firm is dedicated to helping individuals and families through the sometimes complex probate process so they can focus on grieving the loss of their loved one.