OWhen properly drafted, executed and administered, a trust helps the estate avoid the need for probate administration. However, when the probate process is unavoidable, a thorough checklist can help initiate and conduct the probate process quickly and efficiently.
The correct inventory of probate assets is crucial, even before the probate process begins, because in the state of Nevada, the type of probate and the accompanying procedures depend on the net worth of the property. succession.
Often real estate is the most important asset, even if it is mortgaged. Real estate information should include the address of the property, the legal description that appears on registered documents, such as deeds or a declaration of ownership, appraiser’s parcel number, type of property, information on any mineral and water rights, leases and rents, as well as information on mortgages, liens or other encumbrances. All available documents reflecting this information should be collected.
Most often, the estate contains various bank accounts, such as checking, savings, or money market. It is important to collect information including bank name, account type, account number and account value.
Some estates include securities accounts, securities, stocks and bonds. The information regarding these assets should be collected and organized by brokers or companies and the account or certificate numbers, as well as the number of shares, amounts and values, and the actual certificates.
Where there are vehicles, boats, RVs or mobile homes in the estate, the year, make and model, and the name on the title should be collected with the title document real.
Business interests are often part of the estate. Therefore, information regarding the business name and location, type of business entity (i.e., partnership, corporation, limited liability company, sole proprietorship), tax status, shares or portion of interest held by the deceased, and any assets and debts of the business entity should be collected along with licenses, operating agreements, and any other business-related documents that deals with his succession and the restriction, if any, of the transfer of the business to another entity or person.
If the life insurance is part of the estate, the name and address of the insurance company, the policy number, the name of the insured and the owner of the policy, and the names of the beneficiaries, if known, should be collected. If there is no named beneficiary, the policy is likely payable to the estate of the deceased.
Finally, information regarding retirement assets such as IRAs, 401ks, etc., should be collected. If there are benefits to pass on and there are no named beneficiaries, the assets will be payable to the estate.
There may be other assets such as promissory note or judgment claims, royalties, timeshares, intellectual property rights, collections or digital assets. As much detail as possible should be collected regarding each asset.
The complete inventory will provide an estimate of the value of the estate, which, in turn, will determine the type of probate procedure. Therefore, it is important to have accurate and complete accounting of all estate assets and assets.
Natalia Vander Laan is a lawyer from Minden