In many states the law provides an informal means or process for administering small estates, as defined by the state’s statutes.
For example, in some states an estate under a certain value may be distributed using an affidavit known as a small estate affidavit that is signed by the persons to whom the estate’s assets are to be distributed and two disinterested witnesses.
And other states have a simplified small estate process under which the successor to an interest in real property may petition the court to transfer the real property and recognize the transfer of personal property.
Laws vary from state to state and a state’s informal process for administering a small estate is usually located in the state’s statutes—often in the estates code or probate code.
In Nevada, the law provides for a simplified process to administer small estates. If an estate's value does not exceed a certain threshold, which is subject to periodic updates and should be verified with current statutes or an attorney, it may qualify for this expedited process. Nevada law allows for the use of an affidavit procedure for the collection of personal property by successors if the value of the estate, excluding liens and encumbrances, does not exceed the statutory limit. This affidavit can be presented to the person or entity holding the decedent's property to transfer assets without formal probate. Additionally, Nevada has a set of procedures for the summary administration of estates that are under a higher value threshold. This process is more streamlined than regular probate but does involve court oversight. For real property, Nevada law permits a successor to file a petition for the court to set aside the estate without administration if the value of the estate is below a certain limit. It is important to consult the most recent Nevada Revised Statutes or an attorney to understand the current thresholds and procedures for small estate administration.