{"id":34525,"date":"2008-03-26T16:35:41","date_gmt":"2008-03-26T21:35:41","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/uncategorized\/changes-in-probate-laws-what-they-are-and-what-they-mean-for-you.html"},"modified":"2008-03-26T16:35:41","modified_gmt":"2008-03-26T21:35:41","slug":"changes-in-probate-laws-what-they-are-and-what-they-mean-for-you","status":"publish","type":"corporate","link":"https:\/\/corporate.findlaw.com\/law-library\/changes-in-probate-laws-what-they-are-and-what-they-mean-for-you.html","title":{"rendered":"Changes in Probate Laws: What They Are and What They Mean for You"},"content":{"rendered":"
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In 1993 and again in 1995 attempts to change probate laws and expedite the probate process were made; however, unsuccessful. Finally, in 1997, in an effort to bring Nevada laws in tune with the Uniform Probate Code, a bill was passed, which became effective October 1, 1997.<\/p>

The limits that require different steps to settle a case have been raised. It used to be that decedent's estates worth $10,000 were considered simple, the simpler requirements now cover estates worth $20,000. These can be handled with an affidavit.<\/p>

More complicated settlements for estates less than $25,000 can be used now for estates worth up to $50,000. And the $100,000 cap for summary administration has been raised to $200,000.<\/p>

Another significant change will save people money if family members receive equal shares of an estate and decide they want to divide the proceeds based on need. For example, if two brothers receive $500,000 and one does not need the money, he can give $150,000 to the other without being subject to federal gift tax.<\/p>

An average estate of $200,000 – $300,000 took four or five months. An estate valued at less than $200,000 can now be probated in a minimum of 80 days, instead of a minimum of 120 days.<\/p>

All in all these changes will make it easier, quicker and cheaper for a family to settle a loved one's estate.<\/p>

A Living Trust can eliminate the Probate Process<\/i><\/b><\/p>

Under our system of law, probate is necessary only when a person's assets stand in his or her name at the time of death. Once an individual has died, the only person who can make distribution of the decedent's assets is an executor or administrator acting under court order.<\/p>

With a properly drafted and funded living trust, the assets titled in the name of the trust upon your death, will not require the appointment of an executor. Instead, a successor trustee can carry out your wishes regarding the distribution of your property following death. The successor trustee is either an individual or a qualified institution selected by you when creating your living trust agreement. In Nevada, you are permitted to act as trustee of your own trust, allowing you to retain management and control during your lifetime.<\/p><\/div>","protected":false},"excerpt":{"rendered":"

In 1993 and again in 1995 attempts to change probate laws and expedite the probate process were made; however, unsuccessful. Finally, in 1997, in an effort to bring Nevada laws in tune with the Uniform Probate Code, a bill was passed, which became …<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_categories":[6497,6519],"class_list":["post-34525","corporate","type-corporate","status-publish","hentry","corporate_categories-law-library","corporate_categories-law-library__wills-trusts-probate-law"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate\/34525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=34525"}],"wp:term":[{"taxonomy":"corporate_categories","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_categories?post=34525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}