Nevada Non-Probate Assets
Ownership determines what assets are subject to the Nevada probate process. It is easier to identify such assets by which are not subject probate rather than by which are, and those that are not comprise two categories: They pass either by operation of law or under the terms of a contract.
Those that pass by operation of law are either (1) assets held (a) by two or more persons in joint tenancy or (b) by married couples as community property with a right of survivorship in both instances and (2) accounts and securities held in trust for or payable on death to named or designated beneficiaries. Nevada law regards such assets as items of “non-probate transfers.”  Specifically, Nevada law permits landowners to make deeds upon death,  which are “revocable,”  but, if the grantors die before any revocation occurs, the beneficiaries become successive owners of the realty without benefit of probate.
Examples of non-probate transfers under the terms of contracts designating beneficiaries are provisions of life insurance policies, retirement accounts (individual retirement accounts, Keogh accounts, and qualified plan benefits), other retirement benefits, annuities, and some purchase and sale contracts for business entities and interests.
Some ordinarily non-probate assets sometimes become parts of a decedent’s estate as when estates become beneficiaries of such designated by contracts or when beneficiary file disclaimers,  declarations of their unwillingness to accept the assets to be distributed to them. If there are no alternate beneficiaries, the assets revert to the probate estates.
Call a Lawyer
In situations like this, it’s important to have an experienced and knowledgeable attorney on your side. Contact Las Vegas probate lawyer Rob Telles with Accolade Law to set up your consultation today. Nevada Revised Statutes (NRS) Section (§) 111.721: “Non-probate transfer” means a transfer of any property or interest in property from a decedent to one or more other persons by operation of law or by contract that is effective upon the death of the decedent and includes, without limitation: (a) A transfer by right of survivorship . . . (b) A transfer by deed upon death . . . and (c) A security registered as transferable on the death of a person.”  “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.  Revocation is per express provision of NRS § 111.695.  “A beneficiary may disclaim all or part of the beneficiary’s interest under a deed upon death by recording a disclaimer in the office of the county recorder of the county in which the property is located,” NRS § 111.687.