Probate is the legal process that involves reviewing and administrating a deceased person’s will or estate. Typically, there is an executor named in the will, or an administrator is appointed without a will. The probate process distributes the assets among the beneficiaries.
Probate is a lengthy, complicated, and expensive process in Nevada. It ties up your assets for an indefinite period and incurs added expenses. Short full probate administration will take approximately 12 months in Nevada. But if complications arise, it can take up to years. You can easily expect to pay between $7,000 and $10,000 for the costs of probate.
Hence, most people want to know how to avoid probate in Nevada. The most well-known way to avoid probate is through a living trust in Nevada. However, you have other options if you don’t want to go through the costs of creating a trust and then managing your assets through it.
Here are three ways to prevent probate in Nevada without a living trust.
1. Gift the Property
One way to avoid probate is by transferring property during your lifetime. The gifted property will go directly to the recipient without needing a long probate process. However, the federal gift tax may apply if the gift surpasses a set limit.
Of course, you may not want to gift the entire property as you will need some to live on, but it can be a part of your estate plan. Consult an estate planning lawyer to make the right decision.
2. Establish Joint Ownership
You could earn property or other assets jointly with another person. Upon your death, the property will automatically go to the partner without the need for probate.
Here are some ways to opt for joint ownership with the right of survivorship:
- Joint tenancy with clearly defined rights of survivorship
- Tenancy in common (for married couples)
3. Transfer-on-Death (TOD) Deed
TOD deed is a written instrument that property owners can use to prevent probate. Nevada’s Uniform Real Property Transfer on Death Act (URPTDA) upholds and manages transfer-on-death deeds. A TOD deed’s primary advantage is transferring property to a beneficiary without probate.
The TOD deed lets you keep the ownership of the property during your lifetime, but the asset will automatically go to the named beneficiary upon your death. However, the property never really becomes a part of your estate.
Need Estate Planning? We Can Help
Estate planning ahead of time will save your heirs the hassle of probate and give you the peace of mind that your assets will go to the assigned heirs in time. The probate process is time-consuming, costly, and the last thing you want to happen. Fortunately, there are ways to prevent it altogether, even without setting up a living trust.
Bourassa Law Group is experienced in estate planning in Nevada. Our team of expert lawyers can help you with estate planning to eradicate the possibility of probate. We will ensure your estate plan is executed just the way you want.
Contact us at (800)870-8910 for a free consultation today.
1-800-870-8910