Estate administration can be a complicated and confusing process, as many Nevada couples may already know. This is why it is especially important to ensure that every proper document is in place, and that the administrator knows how to handle his or her role after the death of a loved one. Estate administration is often more complicated for high asset estates or wealthy individuals.
When a loved one leaves an estate valued at more that $100,000, an official from the county will be appointed to the case. The role of this individual will be to ensure that all documentation is interpreted correctly and is in place. This county official could also ensure that any creditor’s demands are made known and handled.
When an estate crosses state lines, it can become complicated, as Nevada estate administrators may have to consider other state laws. Legal assistance is especially beneficial in these cases or in instances where the will is in contention. When an estate amounts to approximately five million dollars, the family or beneficiaries will be responsible for meeting any federal tax demands. In the same manner, the estate administrator will be responsible for paying any debts left behind before the death of the family member.
Estate administration is not an easy process. There are tax laws to be considered along with other legal aspects. There are federal and state forms to be completed and even documents required to close the estate. Each case will be different. For a plan that pertains specifically to one estate, it is best to have a complete case evaluation.
Source: journal-news.net, Steps to estate administration: Part 2, Deborah Miller, Feb. 9, 2014