Full question:
I live in Las Vegas, Nevada, and was told that if my husband has more than $75,000.00 in assets, a will is no good, everything goes in probate. There is no house in the state worth less than that amount today. Why is a will no good?
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: Nevada
Answer:
DISTRIBUTION OF SMALL ESTATES
Nevada Revised Statutes 146.070
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.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
