Nevada Revised Statutes 143.037 – Duty to close estate within 18 months after appointment; exceptions
1. Except as otherwise provided in this section, a personal representative shall close an estate within 18 months after appointment.
Terms Used In Nevada Revised Statutes 143.037
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. If an estate is not closed within 18 months after the appointment of a personal representative and:
(a) A claim against the estate is in litigation or in summary determination pursuant to subsection 5 of NRS 145.060, a petition for determination of the validity of the claim has been filed pursuant to subsection 2 of NRS 147.130 or the amount of federal estate tax has not been determined, a devisee, creditor or heir may file a petition seeking an order that:
(1) A certain amount of money, or certain other assets, be retained by the personal representative to:
(I) Satisfy the claim or tax; and
(II) Pay any fees or costs related to the claim or tax, including fees for appraisals, attorney’s fees and court costs; and
(2) The remainder of the estate be distributed.
(b) A contest of the will or a proceeding to determine heirship is pending, a devisee, creditor or heir may file a petition requesting the court which appointed the personal representative to order that:
(1) A certain amount of money, or certain other assets, be retained and the remainder of the estate distributed; or
(2) The entire distributable estate be retained pending disposition of the contest or proceeding.
3. A court shall not enter an order distributing the assets of an estate pursuant to this section if such a distribution will result in there being insufficient assets to enable the personal representative to discharge any tax liability, claims of creditors, administrative expenses or any other just obligation of the estate.