As an estate executor, you are tasked with the responsibility of distributing assets after the owner's death and making sure that the deceased person's wishes are honored. Since no one can tell the future, frequently updated wills and close discussions between chosen estate executors and the testator should be an essential part of estate planning.

However, there are instances where this isn't possible, and the sudden death of a loved one, for example, can throw an estate executor into cold water before they’re ready. The following are some of the problems an estate executor can face in the state of Nevada.

Disputes with Heirs

A dispute between executors and beneficiaries if beneficiaries contest the will or are unhappy with the executor and how they’re carrying out their duties. In addition, sometimes heirs descend on decedents' properties and may take valuables before everything can be inventoried and appraised for probate.

The best way to avoid this? Open and clear communication from the very start. With the help of ClearEstate’s beneficiary portal, you can ensure that all beneficiaries are able to view the progress of the settlement, receive a summary of what assets they’re entitled to, and keep detailed records of all communications. Building trust and maintaining transparency is key for a smooth process.

Time Commitment

Executing an estate is no walk in the park. It requires a lot of time to research and put together the proper documents. You'll spend a lot of time contacting different agencies, such as pension providers, banks, and potential creditors.

You’ll have to have all assets from the estate appraised, take care of any real estate during probate, and stay in constant touch with beneficiaries. If the deceased didn’t live close to you, you may have to regularly travel long distances in order to carry out your responsibilities. This can drain your energy and hinder your performance in other areas of your life.

Heavy Documentation and Procedures Requirements

To properly administer the estate, an executor must file all the necessary documents with the appropriate county clerk’s office in the county where the deceased died. Some of the documents required in Nevada filing an inventory with the court within 120 days, accounting records, and sale of property documents. Executors must also publish a notice to creditors, who have 90 days to make a claim if the estate is being settled through a general administration.

It may be challenging to gather all these documents and ensure they are filed in the proper departments. In addition, most courts charge filing fees for each document. If an executor makes a mistake, they may have to file the documents afresh.

What Should an Executor Do When There Is No Will

If the deceased does not have a will, they are said to have died intestate and their assets are distributed by the court according to specific succession laws that establish the order of inheritance. A personal representative—another name for an executor—will be named by the court, and they’ll have to collect assets, pay expenses and debts, and then distribute the remainder of the estate to the rightful heirs.

Executors can face several difficulties when settling an estate. But a professional partner and estate expert by your side can make all the difference. ClearEstate approaches every case with expertise, professionalism, and compassion so that we can find the best solution for you and your loved ones. Contact us today to get you started.