Posted December 27, 2021 in Real Estate Terms
There are several cases that can lead to requiring the probate process in Henderson. The first is Community Property with Rights of Survivorship, but this one is usually easy as the individual with the right of survivorship takes ownership of everything the deceased person left behind. Spouses automatically have the right of survivorship – unless legally documented otherwise.
How to determine if a property requires probate in Henderson is if your situation involves joint tenancy when there are 2 people with claims to the property but one dies. The living owner will then go to court to get the property or assets legally given to themselves. This can be in the case of business owners, friends who invested together, or even simply a spouse.
Another way on how to determine if a property requires probate is Tenancy in common. Tenancy in common is another case in which 2 or more people share property or assets with each owner having a separate and possibly different amount of interest that can be transferable. What complicates this case is that there has to be documentation of ownership because there is no right to survivorship, unlike joint tenancy where a spouse will automatically be getting 100% of the property. This is also difficult as it can be hard to divide assets among people with different amounts of ownership of the whole, should the courts give each person an equal amount of the deceased’s assets? Or should everyone get a share based on what they already own of the property? This may be up to the courts to decide.
Another situation that can help you know how to determine if your property requires probate is called Fee Simple Absolute. This situation is where there is no right of survivorship, in other words, the deceased owned a property in their name alone and left behind no spouse or other individual who has a legal claim of the property. In this case, the courts must discern what is best to do with the property left behind and how to distribute it.
Contact Nevada Desert Realty at 702-509-1446 if you need help with property in probate. The Klingers have 14 years of real estate experience and have sold many properties in probate. They will be able to answer your questions and connect you with a top-notch probate attorney.