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Guide to Being a Personal Representative in Nevada

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The purpose of administering an estate is to pull together the property and assets of the deceased, safeguard that property and pay all debts and taxes owed by the deceased or the estate. Learn more about personal representative in Nevada in this presentation.

Published in: Law
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Guide to Being a Personal Representative in Nevada

  1. 1. - a? I I GUIDE T BEING A PERSONAL REPRESENTATIVE IN NEVADA .0
  2. 2. THE PURPOSE OF PROBATE
  3. 3. Legacy C3” Wealth Q R Planning Attorneys I I 1 Northern Nevar1asPremier tate Planning Law inn Anderson. Dorn(I-5’ Render, I. tcI. 823_WILL ( The purpose of administering an estate is to pull together the property and assets of the deceased, safeguard that property and pay all debts and taxes owed by the deceased or the estate
  4. 4. £; ‘.gs, tgé’ 5,; Legacy E-9" Wealth E»: 3 ~"‘§9‘-I‘-’ 22,: ‘ ~ : ¢ 5 D R Planning Attorneys ‘L. 4 " *-—. .., . 1 L Northern Nevadas Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, In the case of an estate with no will, the probate process also allows the court to make the decisions as to who the beneficiaries of the are,
  5. 5. And then distribute I I » shares of the estate A to the appropriate r individuals or entities
  6. 6. DEFINITION OF “PERSONAL REPRESENTATIVE? ”
  7. 7. Legacy C3” Wealth Q R Planning Attorneys - I A 1 Northern Nevarlas Premier Estate Planning Law Firm AHCICYSOI1. DOYH (‘If RfldOY, The PERSONAL REPRESENTATIVE is the individual d1osen to ensure proper “settlement” of the estate
  8. 8. Legacy C3” Wealth Q R Planning Attorneys - I A 1 Northern Nevarlas Premier Estate Planning Law irm AncIcrson. Dorn(I-5’ RacIer, I.tcI. (775) 823- WILL( If an individual dies “testate” (meaning with a will), that will nom1ally identifies the Personal Representative dwosen by the testator to serve in that role
  9. 9. Legacy E-7 Wealth 3' W59’ 1 _ ‘ . ~’. -’-"7..7‘-‘§,7*~»S. .¢ Planning Attorneys ‘L. "§; .-. .; '"c-, ‘=--. ..fi . R . -—4‘‘--— L Northern Nevadas Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, However, if an indivdual dies “intestate, ” or without a will, then the court will appoint a Personal Representative
  10. 10. Legacy C3” Wealth AER Planning Attorneys - L Northern Nevaclas Premier Estate Planning Law Firm AI‘lCIC‘YSOI1. DOYI1 & ROCIOY, In most cases, a surviving spouse or adult children will have first priority
  11. 11. Legacy E-7 Wealth 3' W59’ 1 _ ‘ . ~’. -’-"7..7‘-‘§,7*~»S. .¢ Planning Attorneys ‘L. "§; .-. .; '"c-, ‘=--. ..fi . R . -—4‘‘--— L Northern Nevadas Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, If there is no spouse or child, then other relatives are usually be selected by the court
  12. 12. WHO CAN SERVE AS A PERSONAL REPRESENTATIVE IN NEVADA?
  13. 13. Legacy C3” Wealth Q R Planning Attorneys I A L Northern NevarlasPremier tate Planning Law irm Anclcrson. Dorn(I-5’ Racler, I.tcI. 823_WILL (9 Anyone who is over the age of 21, of sound mind and has not been convicted of a felony, is eligible to serve as Personal Representative
  14. 14. ‘:5; Legacy 5" Wealth ‘ .37-w 3‘ Planning Attorneys ‘L. -34. a I E . 1 R Northern Nevadats Premier Estate Planning Law Finn Anderson, Dom C3’ Raclet, 8 2 3_WIIL 45 In Nevada, they must also be RESIDENTS of the state
  15. 15. Legacy E-7 Wealth 3' W59’ 1 _ ‘ . ~’. -’-"7..7‘-‘§,7*~»S. .¢ Planning Attorneys ‘L. "§; .-. .133--. ..fi . R . --4’-— L Northern Nevadas Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, A non-resident may serve as a Co- Administrator; as long as the other person is a Nevada resident
  16. 16. Legacy C3” Wealth Q R Planning Attorneys - A b 1 Northern Nevarlas Premier Estate Planning Law Firm AHCICYSOI1. DOYH (‘If RfldOY, The Personal Representative is OFTEN IN CONTROL of substantial property and funds
  17. 17. Legacy E-7 Wealth . ¢ 5 R Planning Attorney s 1 Northern Nevadas Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, Ltd. (77 5) 8 2 3_WILL (945 5) Therefore, courts normally require that a bond be posted to ensure proper performance by the Personal Representative
  18. 18. WHAT ARE THE PERSONAL REPRESENTAT| VE’S DUTIES?
  19. 19. The Personal Representative is expected to be the impartial representative of all parties who have an interest in the estate
  20. 20. Legacy E-7 Wealth ‘ I ¢ 5 R Planning Attorney s 1 Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, 8 2 3_WIIL 45 Essentially, the Personal Representative takes possession of the property and DISTRIBUTES IT according to the wil or the Nevada laws of intestate succession
  21. 21. Legacy E-7 Wealth ‘ ’ ¢ anni ornet s . ,_, ;_s . .,&, _‘_, & A R Pl Att J 1 Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, 8 2 3_WIIL 45 ntory of the property of the estate will be created, along with a list of liabilities
  22. 22. Legacy E-7 Wealth 3' W59’ 1 _ ‘ . ~’. -’-"7..7‘-‘§,7*~»S. .¢ Planning Attorneys ‘L. "§; .-. .133--. ..fi . R . -—4‘‘--— L Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, In some cases, the property will need to be appraised in order to determine an accurate value
  23. 23. CLOSING THE ESTATE
  24. 24. Legacy C3” Wealth Q R Planning Attorneys - t A L Northern Nevarlas Premier Estate Planning Law irm Anderson. Dom (‘If Racler, l.tcl. (775) 823 -WILL (9 Once creditors with valid daims have been detennined, the debts are paid fi'om the estates funds, along wilh funeral expenses, if applicable
  25. 25. Legacy E-7 Wealth ‘ 1: ¢ 5 R Planning Attorney s 1 Northern Nevadats Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, Ltd. (77 5) 8 2 3_WILL (945 5) Any assets remaining after the creditors have been paid, will be distributed to beneficiaries; again, ether accordng to the will or to the laws of intestate succession
  26. 26. / Finally, the Personal Representative is required to give the court a final accounting before the estate can be closed
  27. 27. HOW LONG DOES PROBATE TAKE?
  28. 28. ,5“; Legacy 5" Wealth ‘ .37-w 3‘ Planning Attorneys ‘L. -34. s I E . 1 R Northern Nevadas Premier Estate Planning Law Firm Anderson, Dom C3’ Racler, 8 2 3_WIIL 45 Each estate is unique and has its own complexities
  29. 29. Legacy C3” Wealth AER Planning Attorneys 1 Northern Nevaclas Premier tate Planning Law Firm Anderson. Dom (‘-5’ Radar, Ltd. 823_WILL (945 5) So, it is difficult to accurately predict the length of the process
  30. 30. Legacy (‘-9'Wea1th Q R Planning Attorneys b 1 Northern Nevar1asPremier tate Planning Law irm Anc1crson. Dom(3’Rac1er, I.tc1. 823_WILL ( It takes time for oeditors to be notified and then FILE CLAIMS against the estate, once notice of the decedent's death has been published
  31. 31. Legacy E-7 Wealth 3' W59’ 1 _ ‘ 1"“ '1-‘S-¢ Planning Attorneys ‘L. "§"; .-_§; ;."c*~¢""—. .-, fi . R -—4‘‘--— L Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, Generally, creditors are allowed 6 months to file claims, so a final accounting cannot occur until after that period
  32. 32. l _ . . X‘ ' pf: ll! ., .s; V I l . “‘- 2 4 ll l Vt , / / V _, ‘l’ c sun / /V 4 The approval hearing before the court must be held no less than 6 months after the final accounting is provided
  33. 33. SHOULD A PERSONAL REPRESENTATIVE HIRE AN ATTORNEY?
  34. 34. Legacy E-7 Wealth 3' W59’ 1 _ ‘ . ~’. -’-"7..7‘-‘§,7*~»S. .¢ Planning Attorneys ‘L. "§; .-. qvvp--. ..fi . R . -—4‘‘--— L Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, It is a good idea to hire an attorney to advise the personal representative during the process
  35. 35. Legacy E-7 Wealth 3' W59’ 1 _ ‘ . ~’. -’-"7..7‘-‘§,7*~»S. .¢ Planning Attorneys ‘L. "§; .-. .; '"c-, ‘=--. ..fi . R . -—4‘‘--— L Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, An experienced estate planning or probate attorney can provide assistance in preparing the required court documents,
  36. 36. Legacy C3” Wealth Q R Planning Attorneys - A A L Northern Nevarlas Premier Estate Planning Law Firm AHCICYSOI1. DOYH (‘If RfldOY, As well as ensure that the personal representative complies with all relevant laws and court-imposed deadlines
  37. 37. DO PERSONAL REPRESENTATIVES RECEIVE PAYMENT FOR THEIR SERVICE?
  38. 38. Legacy C3” Wealth Q R Planning Attorneys I A L Northern Nevarlas Premier Estate Planning Law Firm AFICICYSOI1. DOYH (‘If RfldOY, Each state has a schedule of fees to be paid to personal representatives, in recognition of the substantial responsibility they shoulder and the hard work they must perform
  39. 39. gatgév :71 = Legacy E-9" Wealth 3'7 :3 ~"v§9I‘-’ 5:1 _ ‘. ¢*; ;é-: f;». js_: ;.. : ,5 -R Planning Attorneys 1 Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Racler, Ltd. (775) 823_WILL (9455) The fees are generally based on the size of the estate and the amount of time involved in performing their duties
  40. 40. This fee is also considered an expense of probate, to be paid from the estate
  41. 41. <r « > slim «tr l l rs:
  42. 42. Leases 5' Wealth ‘ I: , Q R Planning Attorneys I I 1 Northern Nevadas Premier Estate Planning Law Firm Anclerson, Dom C3’ Rader, Ltd. (775) 823_WILL (9455) If you have questions regarding the administration of an estate, or any other estate planning needs, please Anderson, Dorn & Rader, Ltd . , either online or by calling us at (775) 823-9455
  43. 43. If you live in northern Nevada give us a call at 775-823- 9455 WILL to make an appointment
  44. 44. Or visit our website www. wealth-counselors. com

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