Probate is a process that the court supervises thoroughly. Under this, the court uses its machinery to identify and gather the deceased person’s assets; when they identify the assets, the process is to pay the debts and taxes.
Finally, the court distributes the leftover property among the inheritors based on what is said in the will.
Are you an individual or a budding lawyer? If you are a budding lawyer, you must learn to execute this probate.
It’s better to gather a comprehensive idea of the probate process and the laws involved. Then, consult a probate attorney who is well read of the Probate laws in Nevada.
In this article, we will discuss the probate process and the steps to know.
The entire set of probate follows some step-by-step process. Let’s look at each of the steps that go into the entire execution and implementation.
Step 1: Requisition Appointment Of An Executor
When you start to probate a will, you request the honorable court to name an executor.
To place the request before the court, you need to provide the certificate of death of the owner of the property, issued by the authority.
The document that you use for the request is called the petition. This means you are filing a petition to start with the probate process by appointing an executor.
One more thing, if the deceased individual has his/her estate dispersed in a different county and within a state, you don’t need any separate executor for this. Some lawyers handle Probate in Nevada. You can take help from one of them, to gain insights.
The next thing you need to provide is to send notice to the creditors and beneficiaries.
This is important because when the court starts the probation proceedings, the absence of the key stakeholders will make it thoroughly illegal.
That is why before the entire process, you need to give notice to the interested groups.
This step is a little convoluted and involves many things within one process. Here, you need to identify, collect and appraise the assets that come under probation.
After this is done, in relation to the documents which are presented to the courts. These documents include:
- Bank Accounts of the deceased.
- Retirement account (if any).
- Real estate.
- Stocks and bonds.
- Personal things like valuable artifacts.
This helps in the entire process because everything comes under one single umbrella.
This works just like a mise en place in a restaurant, properly gathering everything in place. This expedites the entire process of probation of estate.
Do you think that only the creditor owes to an individual? No. There is some money that is owed to the estate.
This may be the outstanding bill and the debts. You need some sleuthing on your part. You may have to collect the necessary information. The entire objective behind this is that you need to ensure that the estate assets get all the debts covered.