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Las Vegas, NV 89146
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INDEPENDENT ADMINISTRATION IS IT GOOD FOR ME?
04/25/2012

The 2011 Legislature passed the Independent Administration of Estates Act.  This Act allows the individual appointed to administer the Decedent’s Estate, whether they are Executor or Administrator, to take a number of actions without the permission of the Court once the Executor/Administrator has been granted full authority to administer the Estate under this Act.

Although the Act allows the Administrator to take a number of actions without Court approval, there are still some actions that the Executor must petition the Court for its approval.   The biggest benefit in being granted full authority is that it allows an Executor to among other actions, lease property, manage and control the Estate, deposit and invest money of the Estate, and pay taxes of the estate without obtaining Court authority.  As such, a Petition obtaining Court approval is not necessary thus, minimizing the cost to the Estate.  The other added benefit of this Act is that many other jurisdictions also have an Independent Administration of Estates Act which will make handling an ancillary probate,  (this is where the decedent had property in another state that needs to be administered) much easier. This is because if the Executor has been granted full authority under the Independent Administration of Estates Act and the other State has a similar Act that State will generally allow the Executor to simply file a Petition with a Certified copy of the  Order in the other state and the sister state will then grant you the same authority.

However, the Act specifically provides that if the Decedent’s will has a provision that states that it is not to be administered pursuant to Independent Administration, then it cannot be.  While Independent Administration can be a useful tool for an Estate where everyone gets along and the beneficiaries trust the Executor, it is not advisable in situations where there may be animosity among the beneficiaries and the Decedent wants to insure that the Estate is protected from potential abuses.

The attorneys at our firm can review your Estate Plan and advise you as to whether Independent Administration may be advisable for your plan.  Furthermore, we can advise you if the Probate of your decedent’s Estate should be handled under the Independent Administration of Estates Act. 

 

For more information contact us at office@fdlawlv.com.

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