Las Vegas Probate Realtors – Kurt & Terri Grosse

What Can Delay Probate?
The probate process can take months and possibly longer if there are complications. The time frame starts with if there is a will. A will makes things easy. Unless someone contests the will… And everything depends on the court calendar. The number of necessary court appearances determines the time frame and, of course, the complexity of the estate. Uber-rich people who have no will can take years to settle the estate.

I hate to say it, but inexperienced and greedy attorneys delay probates all the time. There is a fast track in Nevada where the personal representative chooses to sell the real estate, the “normal way.” After probate hoops are jumped through and assets are liquidated, only one final court appearance is needed for distribution approval. Some attorneys guide clients to the multiple court appearance route.

An initial court date is needed if there is no will. The courts get involved to appoint an administrator. Waiting for a court date to decide or approve anything is a lengthy delay. Some personal representatives or attorneys choose the overbid process in lieu of the real estate selling fast track. See FAQ about Overbids above.

Out-of-country inheritance tax and multiple properties can delay probate closings. FIRPTA (Foreign Investor Real Property Tax Act) withholds can also delay probate. We need to apply for a tax withhold exclusion immediately which can take up to 45 days. The alternative is to have 30% of the entire sales price held by the IRS.

Out of country assets and heirs always requires additional time. Unknown heirs and debtors that appear out of nowhere are a big delay. Contested wills. Damage to properties – like a natural disaster or fire. A mistake in the paperwork at a court date where a postponement is needed is costly.

All I can say is to use Probate Specialists. Knowledgeable professionals are a must.

Probate
In Nevada, Probate is the name for the entire legal process utilized when a person dies. When there are assets valued over $20,000 in Nevada, probate is needed to sell or change the names of assets. In Nevada, there are ways to avoid court approval for assets under $300,000, except if there is real estate.

Probate is when a will is validated. Heirs and debtors are contacted, and assets are sold or distributed. A court appearance is required to verify that the wishes for the personal property were implemented.

Probate Court
A probate court is a specialized court that deals with matters pertaining to the estate of deceased persons. With or without a will. These specialized courts ascertain and oversee that proper administration and distribution of a decedent’s assets are adhered to.

Probate Court in Nevada also determines and certifies the validity of wills and enforces the provisions of a valid will. The court issues the “Grant of Probate” certification. Probate Courts are designed to prevent improper action or malfeasance by Personal Representatives, Executors, and Administrators of estates.

More Probate Terms

Administration

The term Administration describes the shortened process used by Nevada Probate Courts to distribute an estate. An administrator or Personal Representative approves sales and monies are put into the attorney’s trust account. The court approves the sale of assets and distribution only once when everything is complete. Administration in Nevada Probates minimizes costs and wait time.

Nevada Probate Terms

Decedent
A Decedent is the term used to describe the deceased person.

Personal Representative AKA Administrator, Trustee, or Executor/Executrix
A person named in the will or trust, or is court-appointed who makes decisions for the estate. Decisions must be made according to the deceased’s wishes and/or in the estate’s best interests. The basic job of administration and accounting for assets must be done whether there is a court probate or not.

Joint Tenancy
A type of title taken for financial assets or real property where the other person on title becomes the full owner upon death of the other owner. Consult an attorney regarding capital gains.

Joint Tenancy With Rights of Survivorship
Joint tenants with the right of survivorship (JTWROS) is a type of title taken for real property or financial assets. Joint owners have equal portions of ownership that are immediately re-allocated to remaining owners if one or more owners dies. Consult a probate attorney regarding capital gains tax ramifications in your state.

More Probate Terms

Testate
This term refers to a person who died and left a “Last Will and Testament” that specified their wishes.

Intestate
This term refers to a person who has died and did not leave a Trust or “Last Will and Testament.” Administration of the estate will be assigned or handled by the court of jurisdiction according to Nevada Law.

Codicil
A codicil is a document, that is added to an existing will that amends, modifies, changes, or adds to the original provisions. Codicils often are written to add or assign an asset, change a beneficiary, assign or define a specific beneficiary’s rights.

According to the Nevada Bar Association Probate and Administration page:

When Is Probate or Administration Of An Estate Not Needed?

How Are The Assets of a Deceased Person Inherited?

If the value of the estate doesn’t exceed $20,000 with no real estate assets, living family member(s), or a person named to inherit may initiate proceedings 40 days after the death. Without any court proceeding, these parties may use a Nevada Legal Form called Affidavit of Entitlement. It permits the release of the assets from any person or business holding them (a bank, stock brokerage, or pension plan, etc.)

Do I Probate An Estate Valued Over $20,000?

If the deceased person’s assets exceed $20,000 or if there is any real estate, probate or administration must be used in Nevada. However, if the value of the deceased person’s assets subject to probate does not exceed $100,000 (exclusive of liens), a special petition to the court by the heirs or beneficiary may allow the estate to be “set aside” and distribution made without further court proceedings. If approved, the petitioner receives a court order directing the distribution of the estate property.

Do I Probate An Estate Valued Over $100,000?

If the estate has a NET value over $100,000 and under $200,000, the estate needs to proceed using “Summary Administration.” Summary Administration simplifies probate. If the deceased person’s estate has a net value exceeding $200,000, the estate must proceed through probate by “General Administration,” where the procedure is somewhat more extensive. The Administrator or Executor will receive a document called “Letters Testamentary” or “Letters of Administration,” which will be issued by the court, and outlines the Administrator’s or Executor’s authority and responsibility.

Estates Over $200,000 and With Real Estate Require Probate

Using Administration instead of formal probate will reduce the time needed to probate an estate by 2-4 months. The administrator must apply for the position and once approved, assets can be liquidated without court approval. With proper accounting and the attorney’s trust account being used, heirs save time and money.

Can An Executor or Administrator Live Outside of Nevada?

Nevada doesn’t have restrictions on residency for an Executor or Administrator named in a will. In addition to the non-resident Administrator of an estate, a Nevada resident is named as co-administrator. (Often a law office will do this as part of its services.)

How Long Does Probate or Administration Normally Take To Complete?

Routine probate proceedings typically have a minimum probate period of 120 to 180 days. During this time, publication of creditor notices is required and gives creditors time to file claims. However, probate and estate administration often take much longer if complications arise.

What Is The Biggest Mistake Heirs Make?

When calculating the value of an estate, values are under-estimated. The deceased often pays items in advance – rent, house payments, taxes, insurance, life, and car insurance. Or E-trade types of accounts are discovered, websites, and even paychecks with vacation and sick days from employment add up. Be sure the list of assets is accurate before starting legal proceedings for estates under $200,000.

The personal representative is responsible for handling the details of probate. They disperse, liquidate, or donate the estate’s property per the decedent’s will or court order. This includes arranging for maintenance and hiring the Nevada probate realtor. Once they approve an offer, they empty the house and arrange any needed repairs. During probate, they pay the bills from the deceased person’s bank account if funds are available.

All state probate laws and procedures must be adhered to. The personal representative is often legally entitled to a reasonable fee or commission for their services. Sometimes fees are waived in lieu of the heirs agreeing not to  contest the will or fight with each other. Tax laws hold the personal representative responsible filing death tax filings and other tax payments from the estate.

I think a probate attorney is the probate coach and legal representative who coordinates the requirements and details of probate. He/she is the one a family can blame if anything goes wrong. Nevada has tried to simplify the probate process by using “Administration,” and fees have gone down if Administration is chosen. Requirements include finding heirs and publishing legal notices. Some act as your in-state Independent Administrator (if needed), and they file and appear for court approval and overbids.

[One attorney that we refer is also a CPA. He makes sure that there is an appraisal from the time of death. That allows heirs the $250,000 per person Capital Gains exclusion that your loved one (and you) are entitled to. The CPA Attorney we refer does the necessary estate tax forms for you. The other attorney we refer does complicated real estate matters and intestate cases. Both do FIRPTA cases for foreign nationals (we have extensive FIRPTA experience) to reduce tax liabilities and IRS withholds.

There are 5 big reasons to choose us as your Las Vegas Probate Real Estate Agents

• Experience – I am a probate real estate specialist with over 30 years of experience in Las Vegas and Henderson.
• Knowledge- After selling around 100 probate houses in Las Vegas, we are great coaches and teachers. Our FIRPTA and Probate knowledge is exceptional.
• Compassion, Kindness, and Respect- We present the property with compassion and respect for the feelings and wishes of the heirs. Probate can be emotional, and we take everyone’s feelings into account.
• We Go Above and Beyond Your Expectations- Protecting our clients is our number one goal. When selling a probate house, getting the heirs top dollar for the property is our priority. We want to do that for you quickly and with as little stress as possible. Settling the estate quickly brings closure and relieves many of the heirs’ responsibilities. As your Las Vegas probate realtors, we market the property professionally, diligently, and with maximum exposure. We conduct weekly visits to vacant houses and have neighbors watch them. Having peace of mind is important.
• Helpful- Our team does what it takes to ensure the probate sale transaction closes smoothly. We’ve handled donating entire households to charity and fire victims and helping stage houses for the photographer. Fulfilling all contractual obligations, we’ll meet inspectors, appraisers, repair people, and cleaning crews. We are on your team and are here to help!

 We Sell Las Vegas, Henderson, and North Las Vegas Probate Real Estate

Call or Text Us Today At 702-750-7599

This is just a page that could have easily been 5-10 pages. When you are planning a visit to the property, call me and let’s meet, talk, and walk through the house together. I’m here to answer your questions.

Possible Probate Issues- typically In Nevada real estate, if the deceased party was in the process of selling or buying a home in Southern Nevada, the heirs are bound to the contract. There may be loopholes to get out of it, but it could also be too late. It may also be a good thing.

Sale Contract And Probate

If the house has a contract on it, a title company will not close and insure the house. As heirs, you pretty much have 3 choices.

1. You could offer to rent the house to the buyers or if they are willing to wait. An occupied house is better than a vacant house.

2. You could ask them to wait and extend the escrow

3. Cancellation is the third option.

New homes- If the house is being built, the estate may want to proceed due to the way builder contracts are written. Often, heirs don’t want to walk away from the amount of cash involved. There is the equity gained during the build, the pre-paid non-refundable down payment, and upgrade costs. 1. Read the contract, ask an attorney, or ask us to read it and see if any loopholes are obvious. 2. If financing was involved, the buyer no longer qualifies for a loan, right?

Resale homes- The standard Nevada LV Realtor contract has quite a few loopholes; one may fit. Many realtors and their clients would rather know about the situation ASAP and be given the option to release the contract immediately when the least harm has been done. Sellers usually want to sell for a reason and likely have somewhere else they want to be. Ask for the earnest money back and explain the situation. If that doesn’t work, we suggest that you offer to split it.

Purchasing real estate in the Las Vegas market is typically a good investment and isn’t worth donating to a builder or seller or giving away earnest money. Talk to us about the current equity position. Looking for a real estate attorney is probably the last thing you want to do.