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Can Liens and encumbrances be deducted from an estates value in Nevada to get under the $20,000 affidavit ceiling?
Anonymous8 views2 answers
Relatives estate included an automobile with a $4,000 loan against it and a Jet ski with a $2,000 loan. I would like to deduct the loans from the value of the estate to get under the $20,000 ceiling. I am the only living heir (son), and hope to use the Affidavit of Entitlement and avoid formal probate. I am aware the secured loans need to be paid off. No real estate is involved.
Yes,, but all creditors must be paid not just secured ones. As such it may be advantageous to run a set aside or summary administration, if there are creditors or if you are unaware of the creditor status. If you receive assets you will be responsible to the extent of the value of the assets you received, or possibly more if you treat creditors in an unequal manner. If your matter is straight forward then the link to the probate court forms may be helpful. If not, you may want to consult with counsel about the specifics of your case. If this answer was helpful or the best answer, please mark it accordingly. Best of luck to you.
I concur. Both secured and unsecured creditors are due their payment. I suggest you sit down for a free consultation with an Estate Attorney and get some suggestions but YES - the amount of the debt reduces the value of the Estate.
