If someone close to you has passed away, you may wonder where their assets go when they die. The way the property of a deceased person will end up in the hands of the living will depend on the type of property the decedent owned.
Not all property passes through probate upon death. In fact, there are five (5) major types of property that an individual owns upon death (called "estate property"), and only one (1) of them (i.e., "solely-owned property" aka property owned in the deceased's name alone) actually passes through probate.
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Property owned as joint tenants with right of survivorship (JTWROS) passes directly to the surviving joint owner(s) upon the death of an owner. |
Property held in a living trust passes directly to the beneficiaries designated under the trust instrument. |
Solely-Owned property passes to beneficiaries designated under a will or, if there is no will, under the laws of intestacy. |
Death benefits payable under an annuity or life insurance policy pass directly to the beneficiaries designated under the annuity contract or insurance policy. |
Death benefits
payable under retirement plans (including IRAs) pass directly to the beneficiaries designated under the retirement plan. |
| Non-Probate Property |
Non-Probate Property |
Probate Property |
Non-Probate Property |
Non-Probate Property |
Example 2
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Due to the plethora of laws and individuals involved in a Nevada probate process, it it is best to hire an experienced attorney to assist with the court process. In most instances, attorneys fees are paid by the estate, meaning you will not have to spend your own money to handle a deceased individual's probate in Nevada.
Stovall and Associates has been in Las Vegas for over four decades and has handled thousands of probate cases.
