If a person dies with any property held in their individual name with no method in place for transferring such property upon their death, a probate proceeding is required to transfer legal title to heirs and beneficiaries.
Depending on the amount of property in a decedent’s estate, some estates may be settled without a formal probate procedure or administration. As of 2015, the following guidelines indicate what type of probate administration is necessary in Nevada for any size estate:
Estates of less than $25,000, with no creditors, only need an Affidavit of Entitlement to be filed. No formal probate administration is required.
Estates of less than $100,000, with no creditors and excluding encumbrances, may be set aside to a spouse or children without a complex probate administration. An encumbrance includes any right to, or interest in, land or other property that exists and continues in someone other than the decedent or the decedent’s heirs.
Estates between $100,000 and $300,000 are considered “summary administrations” and as such take a minimum of 5 to 6 months to complete. Finally, estates that are over $300,000 require a full probate administration.