In the state of Arizona, probate is required unless you meet certain conditions. If you are looking to help your family avoid this, you will want the help of an experienced lawyer. Attorney Mark E. Hall has helped many families with their estate planning and assisted them to successfully avoid probate.
What is Probate?
After a family member dies, their assets are split up in accordance with their wishes. Their will should spell out who they want to receive certain assets and when they want them to receive them. However, if there is no will or if the will’s integrity is under scrutiny, then the process has to go through probate. A well prepared will coupled with a solid estate plan is critical to ensure a smooth process.
Probate is the legal process of local courts disbursing assets of a deceased family member to their beneficiaries. This process ensures that assets are disbursed in accordance with local and state law.
Is Probate Required in Arizona?
Probate is required in Arizona unless the deceased has a will or has listed beneficiaries for all assets. Otherwise, in order for the beneficiaries to receive the assets, the estate has to go through probate first. There is one exception to this rule. If the deceased’s personal property totals less than $75,000 and their real estate property is under $100,000, then the estate does not have to go through probate. In this case, the family would submit an affidavit of the assets to the court and a copy of the will. After this, the property will be disbursed according to the deceased’s wishes.
Can You Avoid Probate in AZ?
There are a few ways you can avoid probate in Arizona. One common solution is setting up a living trust. A living trust is a legal document that establishes how your assets will be split and who will receive them. This can include things such as titles to real estate property, jewelry, your bank accounts, etc. A living trust allows avoids probate because the trust has already designated who will be receiving assets, so upon death, the asset will automatically be transferred to the new owner according to the parameters outlined in the trust agreement.
Designating beneficiaries on certain assets such as life insurances, some IRAs and other similar type accounts that you own is another way to avoid these assets becoming part of probate. Having established beneficiaries is a quick and easy way to transfer assets after death.
Why Do You Want to Avoid Probate?
Probate can take a long time, often several months. Another reason is privacy. Probate is a legal process that requires filings in a public court record that anyone can view either online or in person. Many individuals do not like the idea that others can see to who inherited and how much they left behind. Finally sometimes concern about expenses can be another reason people try avoid probate. Getting hit up with unanticipated legal fees and personal representative compensation can certainly be a problem.
Estate Planning Lawyer in Arizona
Attorney Mark E. Hall is an experienced estate planning lawyer in Arizona who is ready to help you establish a living trust or answer your questions about probate. Let us help you avoid probate by helping you draft an estate plan that reflects your intentions. Call us today at (480) 495-6963 to set up a consultation or use our online contact form.