Nevada probate law allows for an entire probate estate to be “set aside” under certain circumstances. When an estate is “set aside” the Clark County Probate Court issues an order directing that all of the assets in the estate be “set aside” to certain surviving relatives, even if there are creditors or a will which directs otherwise.
Under Nevada probate law, the purpose of a “set aside” is to provide support for families who have experienced the death of a spouse or parent. The Nevada Legislature has determined that the “set aside” provisions in Nevada probate law protect the financial interests of Nevada families.
When there is a surviving spouse and/or minor children, the gross value of the estate is worth less than $100,000.00 and the Decedent left real estate, the entire estate must be “set aside” to the surviving spouse and/or minor children. This means everything in the estate goes to the surviving spouse and/or minor children even if the Decedent owed valid debts and even if there is a will.
When determining whether the estate is worth less than $100,000.00, Nevada probate law only counts equity in real estate, not the total value. Thus, if Jim passed away and owned a home worth $250,000.00 and the payoff on the mortgage was $200,00.00, only $50,000.00 counts toward determining whether the value of Jim’s estate is below $100,000.00 and may be “set aside.”
Where there is no surviving spouse and/or minor children, the Court has discretion and may “set aside” the estate if the gross value of the estate is less than $100,000.00. The Court may direct that the estate pay certain creditors as a part of the “set aside”.