By Jeremy L. Krenek, Attorney at Law
On October 1, 2015, new laws to streamline the probate process for small estates beginning went into effect, and will allow executors and administrators of qualifying estates to expedite the probate process and cut down on costs to the estate.
Previously, NRS 146.080 allowed a claimant to avoid probate if the estate did not include real property and the value of the estate was less than twenty thousand dollars ($20,000.00) by preparing an affidavit in lieu of filing a petition with the probate court. AB 130 amended NRS 146.080 to increase the affidavit limit to twenty five thousand dollars ($25,000.00) for all claimants except the surviving spouse. If the claimant is the surviving spouse, the affidavit limit increased to one hundred thousand dollars ($100,000.00). Additionally, motor vehicles no longer have to be included in the calculation of the size of the estate. This new law will help decrease the costs of administering an estate for those Nevadans that qualify because they will no longer be required file a petition with the court saving attorney’s fees and costs.
The Nevada Legislature also amended NRS 145.040 by increasing the limit for Summary Administration from $200,000 to $300,000. Summary Administration allows for shorter notice periods to creditors and an expedited probate process. Now that expedited process will be available for those estates under $300,000.
These are just some of the changes to probate and estate law made by the Nevada Legislature that went into effect on October 1, 2015. If you have questions or are confused about any of the new probate laws, do not hesitate to contact Incline Law Group to help provide you with legal clarity.
Jeremy L. Krenek is an attorney at the Incline Law Group, LLP. Incline Law Group, LLP, is committed to providing legal clarity. Our transparent approach to delivering legal services is designed to get beneath the surface of the matter in order to minimize surprises and maximize our clients’ outcomes. Founded in 1973 by John C. Rogers, Incline Law Group has earned a reputation for professionalism, discretion, honesty, diligence and positive results. Our attorneys are licensed in Nevada and California and have been providing legal clarity in the areas of Real Estate, Litigation, Family Law, Contracts, Business Formation and Estate Planning for over 40 years to our Northern Nevada and California communities. Licensed in both California and Nevada, Jeremy’s practice focuses on general business and real estate law, family law, litigation and sports law.