Is it true that if an estate has more than $75,00 in assets it all goes in probate?
Full Question:
Answer:
DISTRIBUTION OF SMALL ESTATES
Nevada Revised Statutes 146.070
Nevada's statute is unusually complex and great care should be taken to read and understand the statutory provisions below. Nevada makes a distinction between estates that are valued at less than $75,000 and estates valued at less than $20,000.
In both cases, a petition must be filed with the clerk and a hearing date requested. Estates valued at less than $75,000, where there is a surviving spouse or minor child, will be set aside by the court for the benefit of the surviving spouse or child. This petition may not be commenced until thirty (30) days after the death of the decedent.
Where as estate is valued at less than $20,000, in purely personal and not real property, an interested party may, forty (40) days after the death of the decedent, issue a small estate affidavit to collect any debts owed to the decedent. In an estate of this size the proceeds of the estate may be distributed without further order of the court.