Wednesday, March 7, 2012

New Nevada Probate Legislation

In its most recent session, the Nevada Legislature passed the “Independent Administration of Estates Act.”  The new act is intended to expedite the probate process in Nevada and reduce the administrative costs of probate by allowing the personal representative of the probate estate to act more independently.  Although the Independent Administration of Estates Act still requires the court to supervise the probate process, the act reduces the amount of court involvement in the probate process by allowing the personal representative to accomplish more tasks without the court’s involvement. 

Even though the court’s involvement is reduced under the new act, the act still provides for checks and balances to protect the probate estate and beneficiaries.  The personal representative is required to send notice to interested parties before taking certain actions.  A party receiving notice may object to the personal representative’s action and can involve the court if necessary.  In addition, major actions taken by the personal representative still require the court’s approval. 
The Independent Administration of Estates Act has been enacted in others states.  We are excited to see the new act in Nevada.  We anticipate that the act will lower administration costs and help expedite the probate process in Nevada.  Even though the new act will help lower probate costs, we still generally advise our clients to engage in estate planning and avoid probate in most cases. If you have any questions about the new Nevada probate laws or any estate planning needs, feel free to contact our office for a free consultation. 

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