Nevada
Hello - hoping to find some information here. Finding answers online has proved more difficult than expected.
In short, I'm the trustee of my grandmother's trust. She passed March 19, with 5 children named in her trust. She decided to leave her house to one child, who was her live-in caregiver for the last year of her life. He trust designates all other assets be equally divided into 4 parts for her other 4 children (who happen to be my aunts/uncles).
She currently has 2 bank accounts with balances both under $20k. The local bank here in NV informed me that after 40 days, they can release all the funds to me directly with a Small Estate Affidavit and original Death Certificate. When looking at this form (https://www.nevadatreasurer.gov/uploadedFiles/treasurer.nv.gov/content/Unclaimed_Property/Forms/Claimant/UP-45_Small_Estate_Affadavit-Interactive.pdf), section 3 states:
That the gross value of the decedent’s property in this State, except amounts due the decedent for services in the Armed Forces of the United States, does not exceed $25,000, and that the property does not include any real property nor interest therein, nor mortgage or lien thereon;
This becomes confusing, as the property does include real property, valued at approximately $350k. As this is already assigned in the trust, can I use the Small Estate Affidavit to manage her bank accounts outside of the trust? If so, can this avoid probate? Just trying to make sure I distribute the remaining assets to her other children, as intended.
Thank you!
CM - Nevada
Hello - hoping to find some information here. Finding answers online has proved more difficult than expected.
In short, I'm the trustee of my grandmother's trust. She passed March 19, with 5 children named in her trust. She decided to leave her house to one child, who was her live-in caregiver for the last year of her life. He trust designates all other assets be equally divided into 4 parts for her other 4 children (who happen to be my aunts/uncles).
She currently has 2 bank accounts with balances both under $20k. The local bank here in NV informed me that after 40 days, they can release all the funds to me directly with a Small Estate Affidavit and original Death Certificate. When looking at this form (https://www.nevadatreasurer.gov/uploadedFiles/treasurer.nv.gov/content/Unclaimed_Property/Forms/Claimant/UP-45_Small_Estate_Affadavit-Interactive.pdf), section 3 states:
That the gross value of the decedent’s property in this State, except amounts due the decedent for services in the Armed Forces of the United States, does not exceed $25,000, and that the property does not include any real property nor interest therein, nor mortgage or lien thereon;
This becomes confusing, as the property does include real property, valued at approximately $350k. As this is already assigned in the trust, can I use the Small Estate Affidavit to manage her bank accounts outside of the trust? If so, can this avoid probate? Just trying to make sure I distribute the remaining assets to her other children, as intended.
Thank you!
CM - Nevada