Managing a Protected Person’s Estate in Nevada

Part of my Nevada Guardianship of the Estate Guide.

By Ronald W. Brilliant, Attorney at Law · Licensed in Idaho, Nevada & California · Last reviewed: September 2026 against Nevada Revised Statutes chapters 159, 159A, 160, 161, 162 and 167 (current through the 2025 legislative session)

In This GuideNevada Guardianship of the EstateTopic 2 of 6: Managing the Estate

Once appointed, a Nevada guardian of the estate must protect, preserve, manage and dispose of the protected person’s estate according to law and for the protected person’s best interests (NRS 159.083(1)). The guardian must use the estate for the proper care, maintenance, education and support of the protected person and anyone the protected person has a legal duty to support, keeping in mind other income or property available for that support (NRS 159.083(2)).

This page covers the guardian’s day-to-day money duties: taking possession, the inventory and appraisal, investments, actions that need court approval, collecting debts, paying claims and working with a guardian of the person. Sales, leases and estate-planning steps are covered on the property transactions page.

Taking Possession of the Property

A guardian of the estate must take possession of all of the protected person’s property of substantial value (NRS 159.089(1)(a)). The guardian must also take possession of rents, income, issues and profits from the property, whether they accrued before or after the appointment, and the proceeds of any sale, mortgage, lease or other disposition of the property (NRS 159.089(1)(b), (c)).

Title to the property stays with the protected person, not the guardian (NRS 159.089(3)). The guardian may let the protected person keep possession and control of personal property and funds that suit his or her needs and capacities (NRS 159.089(2)).

The guardian must secure originals when available, or copies, of certain papers (NRS 159.089(4)):

Contracts and powers of attorney the protected person signed (NRS 159.089(4)(a), (b)).
Estate planning documents the protected person prepared, such as a will, durable power of attorney or revocable trust (NRS 159.089(4)(c)).
Any trust in which the protected person has a vested interest as a beneficiary (NRS 159.089(4)(d)).
Any writing showing a present or future vested interest in real or intangible property (NRS 159.089(4)(e)).

The protected person’s assets must be kept in the name of the protected person or the guardianship and must not be commingled with a third party’s assets, except when the protected person’s spouse is also the guardian (NRS 159.073(1)(c)(1)(IV)). Before accessing an account or other assets at a bank or other financial institution, the guardian must present a copy of the court order and the letters of guardianship (NRS 159.0893(1)).

The Inventory

Within 60 days after the appointment of a general or special guardian of the estate, or any further time the court allows, the guardian must file a verified inventory of all the protected person’s property that comes into the guardian’s possession or knowledge (NRS 159.085(1)). The inventory must include any trust under which the protected person is currently receiving or entitled to receive distributions (NRS 159.085(1)).

The guardian must swear that the inventory truly states all of the estate that has come into the guardian’s possession, all money belonging to the protected person, and all of the protected person’s just claims against the guardian (NRS 159.085(3)). A copy of the inventory and a notice of filing must be served on the protected person, his or her attorney and any guardian ad litem (NRS 159.085(4)).

If property not listed in the inventory later comes into the guardian’s possession or knowledge, the guardian must either file a verified supplemental inventory within 30 days after that date or include the property in the next accounting (NRS 159.085(5)). The court may order which method to use (NRS 159.085(6)). A temporary guardian of the estate who is not appointed as the general or special guardian must file an inventory no later than the date the temporary guardian files a final accounting (NRS 159.085(2)).

If the guardian neglects or refuses to file the inventory on time, the court may, for good cause and after notice it considers appropriate, revoke the letters of guardianship or enter a judgment for any loss to the estate caused by the neglect (NRS 159.085(8)). If the letters are revoked, the guardian is liable on the bond for that loss (NRS 159.085(8)(a)).

Appraisals and Valuations

Generally, the guardian must have each asset appraised or valued by a disinterested appraiser, certified public accountant or other valuation professional, and file the result with the court (NRS 159.086(1)). In place of an appraisal, the guardian may file (NRS 159.086(2)):

A verified record of value for assets whose value can be determined with reasonable certainty, such as money, bank deposits, and bonds, life insurance policies or securities when equal in value to cash (NRS 159.086(2)(a)(1)).
A verified record of value for personal property, including household goods, if its combined value does not exceed $5,000 (NRS 159.086(2)(a)(2)).
The county assessor’s assessed value for real property, but an appraisal is required if the real property is to be sold (NRS 159.086(2)(b)).

The appraiser, accountant or valuation professional must certify that he or she will value the property truthfully, honestly and impartially, and each asset worth more than $100 must be listed separately with its value (NRS 159.0865(1), (2)). One of these valuers who buys an estate asset without full disclosure to and approval by the court is guilty of a misdemeanor, and the sale is void (NRS 159.0865(4)).

Investing the Estate

A guardian of the estate may invest in the following without prior court approval (NRS 159.117(2)):

Savings accounts in a bank, credit union, savings and loan association or savings bank in Nevada, to the extent the deposits are insured by the FDIC, the National Credit Union Share Insurance Fund or a private insurer approved under NRS 672.755 (NRS 159.117(2)(a)).
Interest-bearing obligations of, or fully guaranteed by, the United States (NRS 159.117(2)(b)).
Interest-bearing obligations of the United States Postal Service or the Federal National Mortgage Association (NRS 159.117(2)(c), (d)).
Interest-bearing general obligations of Nevada, or of any Nevada county, city or school district (NRS 159.117(2)(e), (f)).
Money market mutual funds invested only in the items above (NRS 159.117(2)(g)).

Upon court approval by order, the guardian may also invest the property and make loans in the manner and to the extent the court authorizes, and may exercise the protected person’s options to buy or exchange securities or other property (NRS 159.117(1)). With court approval, and for a period the court authorizes, the guardian may keep the assets invested the way the protected person had them before the incapacity (NRS 159.117(4)).

Actions That Need a Court Order First

Before taking certain actions, a guardian of the estate must petition the court for an order (NRS 159.113(1)). These include:

Investing the property under NRS 159.117 (NRS 159.113(1)(a)).
Continuing the protected person’s business (NRS 159.113(1)(b)).
Borrowing money for the protected person (NRS 159.113(1)(c)).
Entering into or completing contracts for the protected person, except as provided in NRS 159.079 (NRS 159.113(1)(d)).
Making gifts or spending money on the protected person’s relatives (NRS 159.113(1)(e)).
Selling, leasing, placing in trust, exchanging or partitioning property (NRS 159.113(1)(f), (g)).
Paying any claim by the Nevada Health Authority to recover Medicaid benefits correctly paid to or for the protected person (NRS 159.113(1)(m)).

Unless the court has ordered the guardian to seek permission for other specified actions, the guardian may also petition for advice, instructions and approval of any other proposed act involving the property, or for any other action the guardian believes is in the protected person’s best interests (NRS 159.113(2)). The petition must be signed by the guardian and, among other things, describe the estate’s condition, the advantage or necessity of the proposed action, and the terms and property involved (NRS 159.113(3)). Unless the court orders otherwise, notice of the petition must be given to the protected person and the persons listed in NRS 159.034 (NRS 159.115(1)).

Running a Business, Borrowing and Contracts

With prior court approval by order, the guardian may continue the protected person’s business (NRS 159.119).

With prior court approval by order, the guardian may borrow money for the protected person when necessary to continue a business, pay claims, provide for the care and support of the protected person and anyone he or she has a legal duty to support, or for any other purpose in the protected person’s best interests (NRS 159.121(1)). The order must set the maximum amount, maximum interest rate and final maturity date of each loan, and may allow the loan to be secured by a mortgage, deed of trust, pledge or other security (NRS 159.121(2)).

If, when the guardian was appointed, the protected person was a party to a contract made while not under any legal disability that had not been fully performed, the guardian may complete it with prior court approval by order (NRS 159.123).

Gifts and Support for Relatives

With prior court approval by order, the guardian may use estate property that is not needed for the care and support of the protected person and anyone he or she has a legal duty to support to (NRS 159.125(1)):

Make reasonable gifts, directly or into a trust, on the protected person’s behalf.
Provide for or contribute to the care, maintenance, education or support of people who are or have been related to the protected person by blood, adoption or marriage.
Pay or help pay reasonable expenses of remedial care and treatment, and funeral and burial, for those relatives.

The petition must state whether the purpose is to dispose of assets to make the protected person eligible for Medicaid, and whether the gift, payment or contribution will make the person eligible for Medicaid (NRS 159.125(2)).

Collecting Debts and Handling Lawsuits

A guardian of the estate must demand all debts and other claims owed to the protected person (NRS 159.093(1)(a)). With prior court approval, the guardian may sue to collect them, and with prior court approval by order may settle or compromise them (NRS 159.093(1)(b), (2)).

The guardian of the estate must appear for and represent the protected person in all lawsuits and proceedings in which he or she is a party (NRS 159.095(1)). This does not apply if the court finds the guardian’s interests conflict with the protected person’s or it is otherwise appropriate to appoint a guardian ad litem (NRS 159.095(1)).

A contract or property transaction the protected person made while incapacitated or a minor is voidable by the guardian of the estate, except to the extent of the reasonable value of necessaries (NRS 159.097). A guardian acting within his or her authority is not personally liable on contracts made for the protected person, and a judgment on such a contract is paid only from the protected person’s property (NRS 159.099).

Paying Claims Against the Estate

The guardian of the estate must pay all just claims against the protected person, the estate or the guardian as such, whether they arose before or after the appointment, following the claim procedures in the statutes (NRS 159.103). Claims generally must be presented to the guardian in writing, with an affidavit from someone with personal knowledge that the amount is justly due (NRS 159.107).

The guardian must examine each claim and mark it “examined and allowed” or “examined and rejected” (NRS 159.109(1), (2)). For a rejected claim, the guardian must notify the claimant by personal service or registered or certified mail within 60 days after the claim was presented (NRS 159.109(2)(c)).

If a claim is rejected or not acted on within 60 days, the claimant may, before the statute of limitations runs, ask the court for a summary determination or sue the guardian in his or her fiduciary capacity (NRS 159.111(1)).

The guardian may pay his or her own claims against the protected person or estate, and claims arising from contracts the guardian made for the protected person after appointment, without following this procedure (NRS 159.105(1)). These claims and payments must be reported in the guardian’s next account (NRS 159.105(2)).

Working With a Guardian of the Person

When both a guardian of the person and a guardian of the estate are appointed, money the guardian of the person receives beyond what is spent on the protected person’s support, care and education must be paid to the guardian of the estate (NRS 159.112(2)). The guardian of the person must account to the guardian of the estate for money spent (NRS 159.112(2)).

The guardian of the person may receive reasonable sums for room and board furnished to the protected person by presenting a claim to the guardian of the estate (NRS 159.112(3)). The guardian of the person may also ask the guardian of the estate to pay another person or entity for the protected person’s care and maintenance (NRS 159.112(4)). The duties of a guardian of the person are covered on the guardian duties page.

Setting Aside Money for Funeral Expenses

The guardian may keep assets aside for the expected cost of the protected person’s funeral and the disposal of his or her remains, and $3,000 of that amount is exempt from all claims, including the State’s (NRS 159.0895(1)). These assets may be placed in a pooled account or trust (NRS 159.0895(2)). They may be spent on the funeral or disposal of remains without prior court authorization, and any amount not spent becomes part of the protected person’s estate (NRS 159.0895(3)).

The guardian must also file regular accountings (NRS 159.177(1)), and the guardian’s compensation and expenses are subject to court approval (NRS 159.183(1), (4)). Those rules are explained on the accountings and court oversight page.

How I Can Help

I work with guardians of the estate on the inventory and appraisals, setting up investments that fit the statute, and preparing petitions for the court orders that business decisions, borrowing, gifts and other major steps require. I can also help a guardian respond to creditor claims and coordinate with a guardian of the person. Request a consultation to discuss your situation.

This page provides general information about Nevada guardianship of the estate, based on the Nevada Revised Statutes as of the 2025 legislative session, and is not legal advice. Other Nevada laws, court rules, and case law also affect these matters. Every situation is different; consult an attorney about yours. Reading this page does not create an attorney-client relationship.