Probate Series Part 3: Summary Administration for Estates Valued Between $100,000 and $300,000
I often get asked “what is probate?” Probate is the court process of transferring the decedent’s assets to the heirs. Whenever someone passes away and they have assets that don’t automatically transfer then their heirs have to go to probate court to obtain an order transferring the assets to the heirs. There are different levels of probate depending on the value of the decedent’s assets/estate. Summary Administration in Clark County Nevada is for estates that are between $100,000 and $300,000 in value. This is faster and less expensive than full blown probate but still takes time and money.
How much time does it take if you’re in summary administration probate? Generally, it is around 6 to 9 months. In summary administrations, we often have homes that we have to deal with which takes some time to sell if they are sold through probate. As a reminder, the equity in the home is the only thing considered when we are valuing the estate. For example, if the decedent had a home worth $1 million, but he or she only has $30k in equity, we are only using the $30k when we are assessing how much the estate is worth and which type of probate you would have to go through. The other thing that needs to be decided if the decedent leaves a home, is whether the heirs want to sell it through probate, or have it transferred to the rightful heir.
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