Bypassing Probate in Nevada
In Nevada, transfers of assets in a decedent’s estate may be obtained for the heirs by using affidavit of entitlement which can bypass probate proceedings and save heirs and beneficiaries time, money, and inconvenience. If the estate value is less than the applicable amount,  all that is necessary is to prepare an affidavit stating an entitlement to an estate asset. So long as 40 days have passed since the death of the decedent, the heirs or beneficiaries can submit an affidavit and a copy of the death certificate to the asset custodian to obtain a release of the assets.
Set Aside in Probate
If on a petition for letters testamentary or letters of administration there is a finding that the value of an estate, “is $100,000 or less and a spouse or one or more minor children survive the decedent, “the court must set aside the estate for the benefit of the surviving spouse or the minor child . . . without the payment of creditors except as the court finds necessary to prevent a manifest injustice.”  This simplified process avoids probate.
In Nevada, a revocable living trust can keep virtually any estate asset out of probate. The person who commissions the trust, known as the grantor or initial trustee, appoints a successor trustee and then transfers ownership of asset to the trust. One of the many benefits of a revocable living trust is that the grantor maintains complete control of the assets in the trust during his/her lifetime. This includes the ability to add or remove property at any time. The trust can also be revoked by the grantor at any time. When the grantor passes, the successor trustee transfers the assets to the beneficiaries as the grantor intended without probate proceedings. So long as your trustee acts in good faith, you need not worry about your trustee’s financial circumstances when you pass awat. While the trustee takes legal title for the benefit of the beneficiaries to the trust, the assets are not subject to the trustee’s creditors because “Trust property is not subject to the personal obligations of the trustee, even if the trustee is insolvent or bankrupt.”  The assets remain beyond the reach of creditors until the beneficiaries receive them from the trust. However, if you are worried about this, you can always appoint an institutional trustee to manage your assets after your death. The right trustee will charge no more than a family member trustee would have charged while giving you the peace of mind that your trust will be managed appropriately after you pass away. On top of that, selecting an institutional trustee can often shield your loved ones from the bickering and infighting that can occur during a trust administration when one of the beneficiaries has an issue with a family member trustee. Not only can a properly designed trust avoid probate, it can protect your loved ones from the pain that can often be associated with complicated family dynamics.
Transfer on Death Real Estate Deeds
In Nevada, land may be transferred with deeds upon death.  Landowners may execute and record the deeds, which take effect only after death. A landowner can revoke the deed or sell the property at any time; beneficiaries would have no right to the property until the landowner’s death. This may often be an attractive way to dispose of property.
Call Accolade Law to Schedule a Consultation
Nevada also provides for nonprobate transfer-on-death processes for personal property — bank accounts, motor vehicles, and securities. Call (702) 337-3000 or click our contact link to schedule a free no-obligation consultation so we may advise you on how best to plan your estate to avoid probate.
 “If the claimant is the surviving spouse of the decedent, $100,000 . . . For any other claimant, $25,000,” Nevada Revised Statutes (NRS) Section (§) 146.080.7. “The value of any motor vehicles registered to the decedent” is not part of the “applicable amount,” NS § 146.080.1.
 NRS § 145.040.
 NRS § 146.070.3–4.
 NRS § 163.417.2.
 “The owner of an interest in property may create a deed which conveys his or her interest in property to a beneficiary or multiple beneficiaries and which becomes effective upon the death of the owner. A deed created pursuant to this section must be known as a deed upon death,” NRS § 111.671.