How to execute a will without breaking the bank in Nevada

When it comes to settling the affairs of a deceased and transferring assets to beneficiaries and heirs, an estate executor may have to go through probate in order to validate the will.

Even if it seems like the deceased planned for everything by leaving a will, the process may not be as straightforward as you think, especially if the estate is particularly large and there are many assets.

Moreover, probate costs can be very high in Nevada. To begin with, you’ll have to file a petition to open probate, along with the deceased’s will, with the county clerk of the county in which the deceased lived.

Depending on the size of the estate and the county, filing fees can range up to $70. If you decide to hire an estate attorney to help you, you’re looking at additional costs between $2,000 and $5,000. And depending on the estate, those costs may increase significantly.

Fortunately, you can take measures to keep the costs low and ensure the process completes without any hitches.

When is probate required in Nevada?

In Nevada, only certain estates actually need to go through probate, also known as general administration. These are estates whose net value is $300,000 or more in assets. Estates that are worth less than $300,000 can apply for a summary administration, which is basically a lighter version of a general administration.

Estate executors undergoing summary administration don’t need to publish a notice of hearing for the probate proceedings in a local newspaper, for example. The time limit for creditors to get in touch with claims algo goes down from 90 days to 60 days.

Estates of less than $100,000 can skip a couple more steps by going through a small estate affidavit if no real estate is involved, or through a “set aside,” which means that the estate can be distributed without any further administration to a surviving spouse or children.

Estates that are worth $25,000 or less and don’t include any real estate are even easier to settle. All that’s needed is the filing of a small estate affidavit to release the assets to the appropriate heir.

Typical probate costs in Nevada

Any costs incurred during probate must be paid by the estate. That means that the higher the costs, the less is left over for beneficiaries after everything is settled. After paying any necessary filing fees, attorney fees often make up most of the costs.

Generally, attorneys will charge you a flat fee for a specific service, which tends to be around 2-4% of the estate’s total value. However, some attorneys may also charge by the hour.

Generally, three prime factors influence probate costs. They include:

• Local filing fees;
• Size and complexity of the estate:
• Cost of professional guidance for legal and accounting matters if they're needed.

Planning Ahead to Avoid High Probate Costs

Probate can become particularly complicated and more expensive when the will is contested, when there are disagreements between beneficiaries and executors, and if the estate had complex debts and owed outstanding taxes.

While thinking about your or a loved one's death and preparing for it is not a welcome idea, it can save beneficiaries a lot of anguish. This is where estate planning comes into play. Before the estate holder passes away, they should create a personalized estate plan. This involves creating a will and naming beneficiaries for assets such as bank account balances, cars, property, etc.

Another strategy for reducing probate costs is reducing the estate's size. This can be achieved through living inheritances. Essentially, this involves giving away assets while you're still living.

Other strategies you can use to smoothen the probate process and reduce costs include:

• Setting up a trust and placing your assets within its care;
• Creating joint accounts with a spouse wherever possible;
• Settling as many outstanding debts as possible, particularly complex debt like credit card debt.

How to Reduce Probate Costs

Regardless of the size of the estate, you want to ensure probate costs are kept as low as possible. Along with the strategies discussed, there's one more option to explore as the executor. Instead of hiring an attorney, consider the services of a professional estate settlement service.

At Clear Estate, we offer bespoke estate planning and settlement services. We understand how hard it is to think about or deal with the loss of a loved one. That's why our primary objective is to make probate as smooth as possible for you.

But more importantly, we want to protect you from the high costs associated with probate and ensure that you and your loved ones don’t lose a chunk of your inheritance to unnecessary fees.

So, get in touch with us today to learn more about how we can assist you with estate planning and settlement.