Nevada Revised Statutes 143.450 – Preliminary distributions authorized under certain circumstances
If the time for filing creditor claims has expired and it appears that the distribution may be made without loss to creditors or injury to the estate or any interested person, the personal representative who has limited authority or full authority has the power to make preliminary distributions of the following:
Terms Used In Nevada Revised Statutes 143.450
- Appraisal: A determination of property value.
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Intestate: Dying without leaving a will.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
1. Income received during administration to the persons entitled thereto pursuant to the decedent‘s will or by intestate succession.
2. Household furniture and furnishings, motor vehicles, clothing, jewelry and other tangible articles of a personal nature to the persons entitled to the property under the decedent’s will, not to exceed an aggregate fair market value to all persons of $50,000 computed cumulatively through the date of distribution. Fair market value must be determined on the basis of the inventory and appraisal.
3. Cash to general pecuniary devisees entitled to it under the decedent’s will, not to exceed $10,000 to any one person.