How to Use Summary Administration for Estates Between $100K and $300K

Sarah Ocampo

Writer's picture Sarah Morris Ocampo

Probate Series Part 3: Summary Administration for Estates Valued Between $100,000 and $300,000

Updated: Aug 8

 

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.

 

Visit our website for more information on Las Vegas estate planning. To schedule a complimentary, 15-minute phone consultation with our Las Vegas estate planning attorneys call (702) 850-7798, or fill out our contact form.

 
 
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FREQUENTLY ASKED QUESTIONS

What is Summary Administration in Nevada probate?

Summary Administration is a probate process for estates valued between $100,000 and $300,000. It is faster and less costly than full probate but still requires court oversight.

How long does Summary Administration take?

On average, the process takes about 6 to 9 months, depending on factors like selling property or resolving debts.

How is a home valued in probate?

Only the equity in the home counts toward the estate’s value. For example, a $1 million home with a $970,000 mortgage has $30,000 in equity, and that is the figure used for probate purposes.

Can heirs choose whether to sell a home or keep it in Summary Administration?

Yes. The heirs can decide whether to sell the property during probate or have it transferred directly to the rightful heir.
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Sarah Ocampo

Sarah Ocampo is the founder and CEO of Ocampo Wiseman Law. She was admitted to the State Bar Of Nevada in 2003. She is a top probate attorney in Las Vegas, Nevada. Sarah has become a trusted advisor for individuals and businesses navigating complex legal matters in probate and estate planning.

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