The death of a loved one is an emotional and difficult moment for any family. When someone dies without leaving a legal will, their estate is termed intestate. The distribution of assets without explicit instructions from the deceased can make settling an intestate estate difficult.
In this blog, we will discuss the probate procedure for intestate estates and the need to retain the services of an experienced Las Vegas probate lawyer to efficiently manage estate planning, trust planning, and probate problems.
Intestate Estates Explained
An intestate estate is a person who dies without a legal will or any other type of estate planning dictating how their wealth will be dispersed after death. The deceased person’s possessions are subject to intestacy laws in the state where they lived if they died without a will.
The Intestate Estate Probate Process
Administrator Appointment: In the event of the lack of a will, the court of law assigns an executor to handle the probate procedure. Typically, the administrator is an immediate family member or dear friend of the dead. If no suitable individual is available, the court may appoint a neutral party as administrator, such as an attorney.
Asset Inventory and Appraisal: The executor has responsibility for locating and inventorying the deceased’s assets. It includes properties, investment accounts, ventures, private possessions, and additional valuable property. After that, the assets are assessed to establish their actual marketplace worth.
Finding and Informing Heirs: The administrator identifies and notifies prospective intestate estate heirs. People who will inherit from a deceased person under intestacy rules are known as heirs. Heirs are often living spouses, youngsters, parents, and siblings.
Paying obligations and Taxes: The next stage is to pay off the deceased’s obligations, including outstanding loans, credit card bills, and burial expenditures. In addition, the administrator must deal with any estate taxes owed to the state or federal government.
Asset Distribution: Following the payment of debts and taxes, the residual assets are divided among the intestate heirs by intestacy regulations. Each state has rules governing asset distribution, often following a hierarchy based on familial links.
Court Approval: The administrator must inform the court of their activities and decisions throughout the probate procedure. After completing all stages, the administrator seeks court approval to distribute assets to the heirs ultimately.
Closing the Estate: Following court permission, the administrator finalizes asset distribution and compiles a final accounting of all estate activities. The court checks the accounting and, if satisfied, orders the estate closed.
The Importance of Seeking Legal Counsel
Setting up an intestate estate may be difficult and time-consuming, particularly for mourning relatives unfamiliar with probate rules and processes. Here are some of the reasons why hiring a Las Vegas probate lawyer is critical in such situations:
A probate lawyer deals in estate planning, trust preparation, and probate issues. They are well-versed in the rules that regulate interstate estates and can guarantee that the probate process is completed appropriately and swiftly.
Identifying Heirs: Identifying prospective heirs might be difficult in some situations, particularly when faraway or distant relatives exist. A probate lawyer can perform extensive genealogy research to identify and inform all legitimate heirs.
Asset Valuation: Accurately appraising and valuing assets is critical for equitable distribution among heirs. A probate lawyer can use experienced appraisers to ascertain the exact worth of assets, avoiding beneficiary conflicts.
Avoiding Disputes: Family members may argue about wealth distribution without a documented will. A probate lawyer can serve as a mediator to help resolve disputes and guarantee an easy and peaceful settlement.
Legal Requirements: Probate laws and processes differ from state to state. A probate lawyer is knowledgeable about Las Vegas law and can guarantee that all legal criteria are satisfied during the probate procedure.
Efficient Estate Administration: Probate can be time-consuming, but a qualified probate lawyer can speed up the proceedings and reduce delays, allowing heirs to get their inheritances sooner.
Hire An Estate Planning Attorney in Las Vegas from The Bourassa Law Group Today!
If you want to discuss your real estate planning in Las Vegas, in that case, you can contact the Nevada probate attorneys at The Bourassa Law Group. We can provide highly individualized estate planning services to help you avoid probate.
Call us at (800)870-8910 for a FREE consultation!
1-800-870-8910