What is the Role of a Personal Representative?
Various provisions of the Nevada Revised Statutes relate to the appointment and duties of a personal representative to handle probate matters. A personal representative is an individual appointed by the court to collect and distribute assets from estates in accordance to a last will and testament or as directed by state law in cases of intestacy.
Other states separately define personal representatives, executors or estate administrators. Nevada recognizes both executors and administrators as representatives. Also, an out-of-state executor may fulfill his or her role as personal representative in Nevada; however, estate administrators appointed by probate courts in other states cannot.
A personal representative has various duties and certain responsibilities assigned by the probate court. The primary function is collect cash and submit proof of accounting in court. If there are debts to be paid from the estate, representatives may choose to make the payment or force creditors into negotiation. The distribution of assets is made in accordance to the will or per the orders issued by the probate court in cases of intestacy or legal disputes.
In the case that an executor is not able to fulfill his or her duties for any reason, a relative may petition the court for the purpose of being appointed as estate administrator. The court will then determine whether the petitioner is qualified to undertake estate administration duties, which in some cases may require closing more than a dozen accounts, filing a Notice to Creditors, arranging the sale of real estate, dealing with individuals who may have been left out of the will, handling federal taxes for estates worth more than $5.43 million, and others.
Personal representatives in Nevada are entitled to receive fair compensation according to the Revised Statutes; for example, the fee for an estate valued at $100,000 would be $3,150.
In some cases, a public or private administrator can be appointed or retained to handle the numerous duties that can arise from large estates. Professional administrators often work with estate planning law firms and tend to be efficient and very resourceful. For example, when a will calls for real and personal property to be liquidated, a professional administrator will tap into his or her list of real estate agents and estate liquidators to get the job done.
In need of help with probate in Las Vegas? Contact us today via our website or call (702) 337-3000 for more information.