Probate Attorney Scottsdale – Probate is the process of establishing ownership of an asset. So, the process can be agonizing, lengthy, stressful, frustrating and expensive. Also, the size of an estate determines whether frozen assets in the estate can be probated with a “small estate affidavit” or must be probated by the court in an informal probate process.
Furthermore, in Arizona, if a decedent’s real estate portfolio exceeds $100,000 or a decedent’s personal property portfolio exceeds $75,000 then the estate must go through the court using an informal probate process.
Indeed, agonizing as you can see, these allowable limits are rather low. Therefore, most estates will be subject to an informal probate if an estate plan has not been established. So, if a decedent’s estate is within the above allowable limits, the estate will avoid probate and can be administered by using only a small estate affidavit.
But, if the decedent estate is over the above statutory limits and had no will or no valid will, a more complex probate will need to be established. This process is referred to particularly as a formal probate. In addition, formal probate requires a court hearing, are more expensive, take longer periods of time and are regulated more closely by the court system.
Moreover, our goal at Mark E. Hall, P.C. is to help you avoid probate by being proactive by establishing an estate plan prior to your passing. However, in the event, you pass away without an estate plan and your assets are subject to probate, we can assist your loved ones through the probate process.
After your passing, your family and loved ones will have an easier time managing your affairs and passing assets in the trust to your beneficiaries. If the estate plan is organized properly and your trust is funded properly, your heirs will transfer your assets to beneficiaries with the assitance of the courts.