General DefinitionAn "Intestate estate" includes an estate where no will has been offered or admitted to probate as the last will and testament and an estate where the will does not distribute the entire estate. Sec. 132.195.
Order of DistributionIf a decedent dies without a will or if any part of the estate is not effectively disposed of by the will of the decedent, the intestate estate is distributed as follows.
If the decedent leaves a surviving spouse and only one child or issue of one child, the estate goes one-half to the surviving spouse and 1/2 to the child or the issue of the child.
If the decedent leaves a surviving spouse and more than one child living or a child and the issue of one or more deceased children, the estate goes 1/3 to the surviving spouse and the remainder in equal shares to the children and the issue of any deceased child by right of representation. Sec. 134.040.
If the decedent leaves no issue, the estate goes 1/2 to the surviving spouse, 1/4 to the father of the decedent and 1/4 to the mother of the decedent, if both are living. If both parents are not living, 1/2 goes to either the father or the mother if living. If the decedent leaves no issue, or father or mother, 1/2 of the separate property of the decedent goes to the surviving spouse and the other 1/2 goes in equal shares to the siblings of the decedent.
If the decedent leaves no issue or surviving spouse, the estate goes 1/2 to the father of the decedent and 1/2 to the mother of the decedent, if both are living. If both parents are not living, the whole estate goes to either the surviving father or the mother.
If the decedent leaves no issue, parent, sibling, or children of any issue, all of the separate property of the decedent goes to the surviving spouse. Sec. 134.050.
If there is no issue, surviving spouse or parent, then the estate goes in equal shares to the siblings of the decedent and to the issue of any deceased sibling by right of representation as follows:
- To the siblings each a share; and
- To the issue of each deceased sibling, by right of representation, the same share that the parent would have received if the parent had been living at the time of the death of the decedent. Sec. 134.060.
If the decedent leaves no issue, surviving spouse, parent or sibling living at the time of death, the estate goes to the next of kin in equal degree, except that if there are two or more collateral kindred in equal degree, but claiming through different ancestors, those who claim through the nearest ancestors are preferred to those who claim through ancestors more remote. Sec. 134.070.
If the decedent leaves no surviving spouse, but there is a child or children, the estate, if there is only one child, all goes to that child. If there is more than one child, the estate goes to all the children of the decedent, to share equally. Sec. 134.090.
If the decedent leaves no surviving spouse, but there is a child or children and the issue of a child or children, the estate goes to the child or children and issue of the child or children by right of representation as follows: To the child or children, each a share and to the lawful issue of each deceased child, by right of representation, the same share that the parent would have received if the parent had been living at the time of the death of the decedent. Sec. 134.100.
If the decedent leaves no surviving spouse or child or children but there is issue of a child or children, all the estate descends to the issue of the child or children by right of representation. Sec. 134.110.
If the decedent leaves no surviving spouse or kindred, the estate escheats to the State for educational purposes. Sec. 134.120.
Common Law or Community PropertyNevada is a community property state.
CapacityEvery person of sound mind, over the age of 18 years, may make a will. Sec. 133.020.
DraftingTo be valid a will must be in writing and signed by the testator or at the testator's express direction. A will must be attested by at least two competent witnesses who sign in the presence of the testator. Sec. 133.040.
An electronic will is permitted if several requirements are met. First, the "e-will" must be created and stored in an electronic record. It must contain the date and the electronic signature of the testator. A valid e-will should be created and stored in such a manner that only one authoritative copy exists. Any alterations must be readily identifiable. Sec. 133.085.
A holographic (handwritten) will is a will in which the signature, date and material provisions are written by the hand of the testator, whether or not it is witnessed or notarized. A holographic will is permitted in Nevada. Sec. 133.090.
BeneficiariesA beneficiary is one who has a present or future interest, vested or contingent, and the owner of an interest by assignment or other transfer but does not include a person who receives less than $100 under a will. Sec. 132.050.
ModificationsIf a person marries after making a will and the spouse survives the testator, the will is revoked as to the spouse, unless provision has been made for the spouse by marriage contract, the spouse is provided for in the will, or in such a way mentioned therein as to show an intention not to make such provision or the spouse is provided for by a transfer of property outside of the will and it appears that the maker intended the transfer to be in lieu of a testamentary provision. When a will is revoked due to marriage, the spouse is entitled to the same share in the estate of the deceased spouse as if the deceased spouse had died intestate and the remaining provisions of the will remain intact. Sec. 133.110.
Divorce revokes every devise, beneficial interest or designation to serve as personal representative given to the testator's former spouse. Sec. 133.115.
Naming of Personal RepresentativeIf a will has been admitted to probate, the court will issue letters to the personal representative named in the will. Sec. 138.010.
To be qualified to serve as an executor, the person must be at least 18 years of age, not have been convicted of a felony, unless the court determines that such a conviction should not disqualify the person from serving in the position of an executor. Sec. 138.010.
If an administrator is not named in the will, priority for appointment will be made in the following order:
- The surviving spouse.
- The children.
- A parent.
- The grandchildren.
- Any other of the kindred entitled to share in the distribution of the estate.
- The public administrator.
- Creditors who have become such during the lifetime of the decedent.
- Any of the kindred not above enumerated, within the fourth degree relation.
- Any person or persons legally qualified. Sec. 139.040.
Submission of WillAny person having possession of a will must submit the will to the court or the personal representative named in the will, within 30 days of learning of the testators death. Failure to deliver the will without reasonable cause subjects the holder to liability for any damages interested persons sustain by reason of the neglect. Sec. 136.050.
The personal representative or a devisee named in a will, or any other interested person, may, at any time after the death of the testator, petition the court to have the will proved. A personal representative named in a will, though not in possession of the will, may present a petition to the district court having jurisdiction, requesting that the person in possession of the will be required to produce it so that it may be admitted to probate and letters may be issued. Sec. 136.070.
NotificationsIf a petition for probate is made by any person other than the personal representative named in the will, or if it is presented by fewer than all of the personal representatives named in the will, the petition must be served upon the personal representatives not joining in the petition. Sec. 136.120.
A petitioner must give notice of the petition for probate to each interested person, including creditors. The notice must be given by mailing a copy at least 10 days before the time set for the hearing to the person being notified. If the address or identity of an interested person is not known and cannot be ascertained with reasonable diligence, by publishing at least once a week for three consecutive weeks a copy of the notice in a newspaper having general circulation in the county where the hearing is to be held, the last publication of which must be at least 10 days before the date set for the hearing. Sec. 155.010.
InventoryThe personal representative must make and file with the court clerk, within 60 days after appointment, an inventory of all the assets of the decedent that has come to the possession or knowledge of the personal representative. The personal representative, within 10 days after filing the inventory with the clerk, must mail a copy to all the interested heirs of an intestate estate, or to the devisees of a testate estate, or to both interested heirs and devisees, if a contest of the will of the decedent is pending. Proof of the mailing of the copies must be made and filed in the proceeding. Sec. 144.010.
The inventory must include all the assets of the decedent, both real and personal. In addition, the inventory must include a statement of all receivables, partnerships, and other interests, bonds, mortgages, notes, and other securities belonging to the decedent, specifying the name of the debtor in each security, the date, the sum originally payable, any endorsements with their dates and the sum which, in the judgment of the appraiser, may be collectible on each debt, interest or security. Finally, mortgages of any kind on the real and personal property of the estate must be listed along with an account of all money belonging to the decedent that has come into the possession of the personal representative. Sec. 144.040.
Homestead, Exempt Property and Family Allowance Nevada is a community property. The surviving spouse is entitled to on-half of all of the community property. However, if a person dies leaving a surviving spouse or minor children, the surviving spouse or minor children are entitled to remain in possession of the homestead and of all the tangible personal property in the possession of the family (exempt property). The family is also entitled to a reasonable provision for their support, if allowed by the court. Sec. 146.010.
Debts and DistributionsThe debts of the estate must be paid in the following order:
- Expenses of administration.
- Funeral expenses.
- The expenses of the last illness.
- Family allowance.
- Debts having preference by laws of the United States.
- Money owed to the Department of Health and Human Services as a result of the payment of benefits for Medicaid.
- Wages to the extent of $600, of each employee of the decedent, for work done within three months before the death of the employer. If there is not sufficient money with which to pay all such labor claims in full, the money available must be distributed among the claimants in accordance with the amounts of their respective claims.
- Judgments rendered against the decedent in his or her lifetime and mortgages in order of their date.
- All other demands against the estate. Sec. 147.195.
Property will be used to make distributions for the payment of devises in the following order:
- The property which is expressly appropriated by the will for the specific devise.
- Property not disposed of by the will.
- Property which is devised to a residuary devisee. Sec. 151.003.
Nevada has an estate tax equal to the federal tax credit allocable to Nevada property. Therefore, Nevada has been without an estate tax since 2005. Sec. 375A.100(1).
Income Tax Charitable Deductions and/or Credits
No personal income tax in Nevada.
Gift Annuity Requirements
Nevada, a "notification" state, regulates the issuance of charitable gift annuities under Nevada Revised Statutes Secs. 688A.281 through 688A.285. Under these provisions, charitable gift annuities are exempt from insurance regulation provided the charity satisfies certain conditions and provides notice to the Division of Insurance.
To qualify, the charity must be described in Sec. 501(c)(3) and Sec. 170(c)(3), have been in continuous operation for at least three years and have at least $300,000 unrestricted assets (money, cash equivalents or publicly traded securities exclusive of the amount transferred to it in return for the annuity).
Notification ProcessNotice to the state is required within 90 days of issuance of the charity's first qualified gift annuity. A qualified gift annuity is one that follows the provisions of Sec. 501(m)(5) and Sec. 514(c)(5). The notice shall be signed by an officer or director of the organization, identify the organization and certify that the organization is a charitable organization and that the annuities are qualified charitable gift annuities. Failure to comply with state law permits the Commissioner to impose a fine up to $1,000 for each unauthorized gift annuity.
Further, gift annuities for which any person is paid contingent upon the issuance of the annuities or based upon the value of the annuities (other than a payment for reinsurance to an insurer licensed to issue insurance in Nevada) do not qualify under these provisions.
Disclosure LanguageState-specific disclosure language is required in the gift annuity contract in a separate paragraph in print size no smaller than that generally used in the agreement:
"This qualified charitable gift annuity is not insurance under the laws of the State of Nevada, and is not subject to regulation by the Commissioner and is not protected by an insurance guaranty association."
Reserve RequirementsNevada does not require an issuing charity to hold any amount in reserve.
Annual Filing RequirementsOnce notification is given to the state, no further reporting is required.
State Contact InformationJeremey Gladstone
Assistant Chief Insurance Examiner
Life & Health Section
Nevada Division of Insurance
Phone: (775) 687-0729
Email: [email protected]