Four Types of Probate
Probate is a process that begins after someone dies. A court will then settle the deceased’s estate and sell or distribute assets to those with legal claims such as spouses or family members. Probate can be a very simple process when the deceased left a will. In the case that a will is involved, all the courts will do is divide their assets according to the deceased legally documented wishes. If there is no will, the process may be complicated and a little overwhelming if there are many claiming to have a right to the deceased’s property. Learn more about probate and if your loved ones property requires the probate process by clicking here.
If you have a love one who has recently passed and are dealing with a probate situation, contact the Klinger Group at 702-803-3389. These experienced real estate agents will help you through the process and can connect you with an attorney who specializes in probate.
There are four different types of probate cases. Each different kind of case is determined by how much the deceased’s estate is worth. Read more about each type of probate below:
- Letter of Entitlement
In this type of probate, the individual who passed away left assets worth $20,000 or less. They also did not leave any real estate property of any kind. In these cases, those involved do not need to attend court. They will have to send in an Affidavit of Entitlement which includes information on how they have a claim to the assets they wish to receive, and information on those assets such as bank account numbers.
- Set Aside Estate Without Administration
In this case, the value of the deceased assets is worth $100,000 or less and does include real estate and personal assets. To calculate property, they would take the current market value of the real estate, not what the deceased person purchased it for or still owes on it. If the person who recently passed away owned a car or
any other asset, it would also be added to the person’s estate at the current value of the item. All dept that the person left behind would be subtracted from the total amount of the estate.
This kind of probate does require a court hearing. For the hearing the court needs specific details and pricing on each owned by the deceased, a list of
debts and lenders, a statement by the petitioner that they do not know of any other debts other than the ones listed, and everyone who could claim a right to the property or assets. Usually the claimants are family, but they can be business partners, friends, etc. You will also need to post a notice, notifying others of the hearing’s date, time, and possibly additional information.
- Summary Administration
This is where the value of the deceased estates calculates $200,000 or less. This can be both real estate and personal property. This is where things start to get complicated as the courts will need much more information than the previous 2 cases.
If you are the petitioner, you will have to follow guidelines for posting notice of a hearing, you will have to obtain various kinds of information including current value of all assets, jurisdictional information and detailed description of any real estate, information on all who have a legal claim to the property, and if you are a petitioner you have to have never been convicted of a felony. You will need to follow up with the courts about the sale of the property and once it has sold you will have to file paperwork about the results of the sale and how all the assets, money and property have been distributed. Keep in mind that at any time the courts can determine the value of the estate is more or less than what is correct for this category,and you may have to start the process over again according to the different probate category’s guidelines.
Each case is different, and there may be more required from you. Contact The Klinger Group’s Las Vegas real estate agents at 702-803-3389 to help sell probate properties. The Klinger Group can also get you in contact with an Attorney who has experience in dealing with probate cases.
- General Administration
In this case the value of the deceased estate is worth over $200,000. This process will be very similar to the Summary Administration, but there are more formalities and things required by the court. To protect yourself from legal issues or to get what is rightfully yours, make sure that you have experienced professionals on your side who are protecting you.
If you are interested in selling a home in Las Vegas, Boulder City, and Henderson, click here to read more information.
