Probate in Nevada
Our book “What Do I Do After My Loved One Dies”
Our book dispels probate myths and fills in the gaps other resources fail to discuss like how to handle family dynamics and how you unwittingly enrich attorney fees. It also provides helpful information about non-apparent aspects of probate you will eventually face – some, you would be surprised occur sooner than you may expect.
Probate process through the Nevada Courts
Probate in Nevada achieves similar purposes in Canada; to wind down the financial affairs of the deceased, pay creditors and administration expenses, and clear title from the deceased’s name to living persons or entities. The major difference is the way Nevada law requires a probate to be handled.
A part of the process in Nevada is admitting the will to probate and confirming a “Personal Representative.” In many provinces a personal representative is known as an “executor.” If you are in Ontario, the individual is known as an “estate trustee.”
Like the provinces in Canada, Nevada has various levels of probate, some involving presentation of papers and other involving the court. If a probate is required (which usually is because of the existence of real property), below are the steps in the ordinary course in Nevada:
- Determining if a probate is required.
- If a probate is required, opening the probate and appoint a personal representative by filing opening papers with a Nevada Court.
- Publish notice to creditors to file claims, and address filed claims.
- Publish inventory and valuations of deceased property subject to Nevada probate, and account for the same.
- Close probate and distribute assets pursuant to court order.
Other matters typically involved in probating the estate of a Canadian that is not in the ordinary course is to sell real property, and possibly enforcing Canadian courts control over personal property such as bank accounts.
For more information on probate in Nevada see 55 Frequently Asked Questions About Probate click here.
Accounting for an Estate
In Nevada, unless heirs/devisees waive the accounting, the Personal Representative is required to provide an accounting. If an accounting is required or is desired, we can prepare an accounting toward positive US tax advantages.
US Income Tax Preparation
Typically, the probate of a property located in Nevada is sold and the proceeds are ultimately distributed to the deceased’s Canadian heirs. This intern creates an obligation to report the sale to the US Internal Revenue Service through a US Fiduciary Income Tax Return (Form 1041). Depending upon the income of the Estate, further reporting, withholding and remittances to the Internal Revenue Service may be required before amounts are distributed to Canadian citizen survivors. This in turn may cause the Canadian citizen to file a US Nonresident Income Tax Return (Form 1040NR).
At Crest Key, we are able to assist the Estate in preparation of the US fiduciary return and the US individual returns of surviving heirs to satisfy their tax reporting obligations.
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