Small Estates General Summary: Small Estate
laws were enacted in order to enable heirs to obtain property of the deceased
without probate, or with shortened probate proceedings, provided certain
conditions are met. Small estates can be administered with less time and
cost. If the deceased had conveyed most property to a trust but there
remains some property, small estate laws may also be available. Small
Estate procedures may generally be used regardless of whether there was
a Will. In general, the two forms of small estate procedures are
recognized:
1. Small Estate Affidavit -Some States allow an affidavit
to be executed by the spouse and/or heirs of the deceased and present the
affidavit to the holder of property such as a bank to obtain property of
the deceased. Other states require that the affidavit be filed with the
Court. The main requirement before you may use an affidavit is that
the value of the personal and/or real property of the estate not exceed
a certain value.
2. Summary Administration -Some states allow a Summary
administration. Some States recognize both the Small Estate affidavit and
Summary Administration, basing the requirement of which one to use on the
value of the estate. Example: If the estate value is 10,000 or less an
affidavit is allowed but if the value is between 10,000 to 20,000 a summary
administration is allowed.
Nevada Summary:
Nevada's statute is unusually complex and great care should be taken to read and understand the statutory provisions below. Nevada makes a distinction between estates that are valued at less than $75,000 and estates valued at less than $20,000.
In both cases, a petition must be filed with the clerk and a hearing date requested. Estates valued at less than $75,000, where there is a surviving spouse or minor child, will be set aside by the court for the benefit of the surviving spouse or child. This petition may not be commenced until thirty (30) days after the death of the decedent.
Where as estate is valued at less than $20,000, in purely personal and not real property, an interested party may, forty (40) days after the death of the decedent, issue a small estate affidavit to collect any debts owed to the decedent. In an estate of this size the proceeds of the estate may be distributed without further order of the court. Please see statutes below for details.
Nevada Requirements:
Nevada requirements are set forth in the statutes below.
DISTRIBUTION OF SMALL ESTATES
NRS 146.070 Estates not exceeding $75,000: Petition; notice; fees; distribution of interest of minor.
1. If a person dies leaving an estate the gross value of which, after deducting any encumbrances, does not exceed $75,000, and there is a surviving spouse or minor child or minor children of the decedent, the estate must not be administered upon, but the whole estate, after directing such payments as may be deemed just, must be, by an order for that purpose, assigned and set apart for the support of the surviving spouse or minor child or minor children, or for the support of the minor child or minor children, if there is no surviving spouse. Even if there is a surviving spouse, the court may, after directing such payments, set aside the whole of the estate to the minor child or minor children, if it is in their best interests.
2. If there is no surviving spouse or minor child of the decedent and the gross value of a decedent's estate, after deducting any encumbrances, does not exceed $75,000, upon good cause shown, the court shall order that the estate not be administered upon, but the whole estate be assigned and set apart in the following order:
(a) To the payment of funeral expenses, expenses of last illness, money owed to the department of human resources as a result of payment of benefits for Medicaid and creditors, if there are any; and
(b) Any balance remaining to the claimant or claimants entitled thereto pursuant to a valid will of the decedent, and if there is no valid will, pursuant to intestate succession.
3. Proceedings taken under this section, whether or not the decedent left a valid will, must not begin until at least 30 days after the death of the decedent and must be originated by a petition containing:
(a) A specific description of all the decedent's property.
(b) A list of all the liens and mortgages of record at the date of the decedent's death.
(c) An estimate of the value of the property.
(d) A statement of the debts of the decedent so far as known to the petitioner.
(e) The names and residences of the heirs and devisees of the decedent and the age of any who is a minor and the relationship of the heirs and devisees to the decedent, so far as known to the petitioner.
4. The clerk shall set the petition for hearing and the petitioner shall give notice of the petition and hearing in the manner provided in NRS 155.010 to the decedent's heirs and devisees and to the state welfare administrator. If a complete copy of the petition is not enclosed with the notice, the notice must include a statement setting forth to whom the estate is being set aside.
5. No court or clerk's fees may be charged for the filing of any petition in, or order of court thereon, or for any certified copy of the petition or order in an estate not exceeding $2,500 in value.
6. If the court finds that the gross value of the estate, less encumbrances, does not exceed the sum of $75,000, the court may direct that the estate be distributed to the father or mother of a minor heir or devisee, with or without the filing of any bond, or to a custodian under chapter 167 of NRS, or may require that a general guardian be appointed and that the estate be distributed to the guardian, with or without bond, as in the discretion of the court is deemed to be in the best interests of the minor. The court may direct the manner in which the money may be used for the benefit of the minor.
[117:107:1941; A 1941, 130; 1931 NCL § 9882.117]-(NRS A 1963, 1271; 1965, 171; 1973, 431; 1975, 1772; 1981, 1794; 1983, 193; 1989, 647; 1995, 2573; 1997, 113, 1249, 1487; 1999, 2305; 2003, 881, 2512)
NRS 146.080 Estates not exceeding $20,000: Transfer of assets without issuance of letters of administration or probate of will; affidavit showing right to assets.
1. If a decedent leaves no real property, nor interest therein, nor mortgage or lien thereon, in this state, and the gross value of the decedent's property in this state, over and above any amounts due to the decedent for services in the Armed Forces of the United States, does not exceed $20,000, a person who has a right to succeed to the property of the decedent under the laws of succession for a decedent who died intestate or under the valid will of a decedent who died testate, on behalf of all persons entitled to succeed to the property claimed, or the state welfare administrator or public administrator on behalf of the state or others entitled to the property, may, 40 days after the death of the decedent, without procuring letters of administration or awaiting the probate of the will, collect any money due the decedent, receive the property of the decedent, and have any evidences of interest, indebtedness or right transferred to the claimant upon furnishing the person, representative, corporation, officer or body owing the money, having custody of the property or acting as registrar or transfer agent of the evidences of interest, indebtedness or right, with an affidavit showing the right of the affiant or affiants to receive the money or property or to have the evidence transferred.
2. An affidavit made pursuant to this section must state:
(a) The affiant's name and address, and that the affiant is entitled by law to succeed to the property claimed;
(b) That the decedent was a resident of Nevada at the time of death;
(c) That the gross value of the decedent's property in this state, except amounts due to the decedent for services in the Armed Forces of the United States, does not exceed $20,000, and that the property does not include any real property nor interest therein, nor mortgage or lien thereon;
(d) That at least 40 days have elapsed since the death of the decedent;
(e) That no petition for the appointment of a personal representative is pending or has been granted in any jurisdiction;
(f) That all debts of the decedent, including funeral and burial expenses, and money owed to the department of human resources as a result of the payment of benefits for Medicaid, have been paid or provided for;
(g) A description of the personal property and the portion claimed;
(h) That the affiant has given written notice, by personal service or by certified mail, identifying the affiant's claim and describing the property claimed, to every person whose right to succeed to the decedent's property is equal or superior to that of the affiant, and that at least 14 days have elapsed since the notice was served or mailed;
(i) That the affiant is personally entitled, or the department of human resources is entitled, to full payment or delivery of the property claimed or is entitled to payment or delivery on behalf of and with the written authority of all other successors who have an interest in the property; and
(j) That the affiant acknowledges an understanding that filing a false affidavit constitutes a felony in this state.
3. If the affiant:
(a) Submits an affidavit which does not meet the requirements of subsection 2 or which contains statements which are not entirely true, any money or property the affiant receives is subject to all debts of the decedent. (b) Fails to give notice to other successors as required by subsection 2, any money or property the affiant receives is held by the affiant in trust for all other successors who have an interest in the property.
4. A person who receives an affidavit containing the information required by subsection 2 is entitled to rely upon that information, and if the person relies in good faith, the person is immune from civil liability for actions based on that reliance.
5. Upon receiving proof of the death of the decedent and an affidavit containing the information required by this section:
(a) A transfer agent of any security shall change the registered ownership of the security claimed from the decedent to the person claiming to succeed to ownership of that security.
(b) A governmental agency required to issue certificates of ownership or registration to personal property shall issue a new certificate of ownership or registration to the person claiming to succeed to ownership of the property.
6. If any property of the estate not exceeding $20,000 is located in a state which requires an order of a court for the transfer of the property, or if the estate consists of stocks or bonds which must be transferred by an agent outside this state, any person qualified under the provisions of subsection 1 to have the stocks or bonds or other property transferred may do so by obtaining a court order directing the transfer. The person desiring the transfer must file a petition, which may be ex parte, containing:
(a) A specific description of all the property of the decedent.
(b) A list of all the liens and mortgages of record at the date of the decedent's death.
(c) An estimate of the value of the property of the decedent.
(d) The names, ages of any minors, and residences of the decedent's heirs and devisees.
(e) A request for the court to issue an order directing the transfer of the stocks or bonds or other property if the court finds the gross value of the estate does not exceed $20,000.
(f) An attached copy of the executed affidavit made pursuant to subsection 2.
If the court finds that the gross value of the estate does not exceed $20,000 and the person requesting the transfer is entitled to it, the court may enter an order directing the transfer.
(Added to NRS by 1957, 130; A 1975, 1773; 1979, 478; 1983, 194; 1995, 2574; 1997, 1250, 1488; 1999, 2306: 2001, 2346; 2003, 476, 882)
Shortened Probate Package for Estates under...
