How to Avoid Probate in Nevada

You can avoid probate in Nevada by setting up your assets so they pass directly to the people you choose at death, instead of sitting in your name alone and going through the court. The most common tools are a living trust, a deed upon death for real estate, joint ownership, and beneficiary designations on your accounts.

What does avoiding probate actually mean?

Avoiding probate means arranging your property so it transfers to your heirs without a process overseen by the court. Probate is the legal procedure that validates a will, pays debts, and moves assets to heirs, and it costs time and money. Many people set up their estate to skip it. Avoiding probate does not mean avoiding taxes or debts. It simply changes how your assets reach the next owner.

Does everything you own go through probate?

No. Only assets held in your name alone, with no beneficiary and no joint owner, go through probate in Nevada. Anything set up to transfer on its own, such as a jointly owned home, a bank account with a named beneficiary, or property held in a trust, passes outside of probate. The goal of most plans is to move as much as possible into that second category.

How can you avoid probate in Nevada?

There are several tools, and most plans use a few of them together:

• Living trust. You move assets into a revocable living trust and name who receives them. Because the trust owns the assets, they do not pass through your personal estate.
•  Deed upon death. Nevada lets you record a deed upon death, also called a transfer on death deed, that passes real estate to a named beneficiary automatically. It stays fully revocable while you are alive and must be recorded before death. 
• Joint ownership. Property held in joint tenancy or as community property with right of survivorship passes to the surviving owner automatically.
• Payable on death and transfer on death accounts. Bank accounts can name a payable on death beneficiary, and investment accounts can name a transfer on death beneficiary, so the funds pass directly.
• Beneficiary designations. Life insurance and retirement accounts such as a 401(k) or IRA go straight to the named beneficiary.

Can you avoid probate on a house in Nevada?

Yes. A home is often the largest asset, and Nevada gives you a few ways to keep it out of probate. You can place the property in a living trust, record a deed upon death naming a beneficiary, or hold title jointly with right of survivorship so it passes to the surviving owner. One caution with a deed upon death is that the property can still be reached for certain creditor claims and Medicaid recovery after death, so it is worth reviewing the options with an attorney before choosing one.

Is a living trust the best way to avoid probate?

A living trust is often the most complete option because it can cover many types of assets at once and keeps your affairs private. Unlike a single beneficiary designation, a trust can hold your home, your accounts, and other property together, spell out detailed instructions, and manage those assets for you if you become unable to do so yourself. The catch is that a trust only works if it is actually funded, meaning your assets are retitled into it. An empty trust protects nothing, which is a common and costly mistake.

What happens if you don't avoid probate?

If assets stay in your sole name, they go through Nevada probate. Smaller estates may qualify for simplified procedures, such as a set aside for estates worth up to $150,000 or summary administration for estates up to $500,000 under current Nevada thresholds. Larger estates go through full administration, which usually takes at least six months. Planning ahead lets your family skip most of that.

Keeping your estate out of probate

The right mix of tools depends on what you own and who you want to protect, and small mistakes in how assets are titled can undo an entire plan. If you want to keep your estate out of probate in Nevada, the team at Ocampo Wiseman Law can review your assets and build a plan that fits. You can check out some of our videos around Probate here.

This article is general information about Nevada probate and is not legal advice. Every estate is different, so speak with a licensed Nevada attorney about your specific situation.