Is a Will Enough to Avoid Probate in Nevada?

Is a Will Enough to Avoid Probate in Nevada?

Estate planning is a crucial step in providing for your loved ones when you are no longer here. A will is often seen as the foundation of any estate plan since it outlines how your possessions and assets will be distributed after your passing. However, in Nevada, having just a will may not be sufficient to avoid the probate process—a time-consuming, expensive and public procedure. Understanding the limitations of a will and exploring additional options, such as a revocable trust, can save your family time, money and stress. Our team at TrustMasters is here to help you take the right steps forward. 

What Is Probate and Why Does It Matter?

Probate is the court-supervised process of validating a will, organizing your assets, paying any debts or taxes, and then distributing what remains to your beneficiaries. While a will clearly states how you want things divided, it does not shield your estate from probate.

Under Nevada law, probate is required for estates with assets exceeding $25,000 or involving real property, such as a house. Depending on the value of the estate, there are different levels of probate administration. For estates between $100,000 and $300,000, a “summary administration” may be used, which is somewhat streamlined but still involves court proceedings. Estates valued over $300,000 are subject to full “general administration,” often resulting in higher costs and prolonged delays.

Unfortunately, probate not only drains financial resources but also makes your family’s financial matters a matter of public record. For many families, the loss of privacy and the added legal burdens during an already emotional time can feel overwhelming.

Why a Will Alone Isn’t Enough

While a will provides clear instructions, it does little to protect your estate from probate. Any asset not explicitly designed to bypass probate (such as those jointly owned or with designated beneficiaries like bank accounts or life insurance policies) will pass through this court-supervised process. For larger estates or those with real property, this means that relying solely on a will could leave your heirs facing unexpected legal hurdles and delays.

Additional estate planning measures must be taken to truly avoid probate. A revocable living trust can make all the difference in this regard.

The Benefits of a Revocable Trust

A revocable trust is a powerful tool that helps shield your estate from probate while giving you full control over your assets during your lifetime. When you place property and financial accounts into a trust, the trust—not you personally—becomes the owner of these assets. After your passing, those assets are distributed directly to your beneficiaries, bypassing probate entirely.

A revocable trust offers more than just probate avoidance. It protects your estate during periods of incapacity should you become unable to manage your financial affairs, which is something a will cannot do. Furthermore, trusts allow for seamless and more private transfers of wealth, sparing your family the burden of public court proceedings.

Combining a will with a fully funded revocable trust ensures that all aspects of your estate are accounted for. While the will serves as a backup for any assets not placed in the trust, the trust functions as your primary vehicle for asset distribution.

Simplify Estate Planning with TrustMasters

Estate planning may seem complicated, but it doesn’t have to be. At TrustMasters, we create personalized plans that meet your needs. With over 65 years of combined experience, we can guide you through the process of setting up a revocable trust, funding it correctly and combining it with a comprehensive will and other essential legal documents.

Don’t leave your family’s future to chance. Contact TrustMasters today for a free consultation, and take the first step toward protecting your legacy and your loved ones.