In Nevada, the person that the court appoints to administer and execute the terms of a will is called a personal representative. The personal representative may be an executor who is nominated by the will or an administrator who is named by the court when there is no will or no executor was named in the will.
Sometimes more than one person serves as the personal representative. When that happens, actions taken must be unanimous or with court approval.
Overview of personal representative responsibilities.
Personal representatives are responsible for collecting, managing, and inventorying all the estate’s assets and debts. Generally, as a personal representative, you must:
- Be appointed by a Nevada Judicial District Court
- Collect all assets belonging to the decedent
- Invest assets and distribute property
- Ensure that any debts, taxes, or other property expenses are paid
Regardless of what a will says, the court must approve many actions taken by a personal representative. After someone dies, heirs and beneficiaries may react emotionally. So, having actions approved by the court helps minimize potential controversies.
Things personal representatives can do without court approval.
Once appointed by the court, there are some actions that can be taken without getting additional approval from the court including:
- Gathering personal property from the deceased
- Moving cash to federally insured accounts in the name of the estate
- Manage and keep real estate in good repair and/or rent property for less than a year
- Deposit income due to the decedent (including interest, dividends, rent and other funds )in a federally insured account
Gathering assets and determining the estate’s value.
One of the biggest challenges you may face as a personal representative is determining the value of the estate. You will need to inventory the assets and determine a value for every item.
- Items that do not require a formal independent appraisal include: bank accounts, publicly traded securities, and vehicles.
- Items that may require a formal independent appraisal include: real estate, jewelry, and high-value collectibles
A knowledgeable estate and trust law firm can help you identify appropriate appraisers and items that may need to be appraised. Your lawyer can also help you select qualified people with reasonable fees.
Notifying creditors within the Nevada time frames.
Another challenge that personal representatives face is ensuring that they have done the proper notifications for all debts and creditor claims. After being appointed by the court, the personal representative must publish a Notice to Creditors and mail copies to all known creditors. Depending on the type of probate, creditors will have 60 to 90 days in which to respond to the notice.
It’s essential to have a law firm familiar with Nevada probate and estate administration to help ensure personal representatives follow all the required steps and meet the court’s specific timelines.
Choosing the right law firm for probate and trust administration.
RLK’s experienced attorneys can help you confidently navigate the challenges that come with being a personal representative. We prepare and file the appropriate documents, forms, reports, and notices on behalf of our clients. Contact our knowledgeable attorneys online or call us today at (702) 255-4552.