how do you avoid probate in arizona

Since probate is a legal proceeding, lawyers may be retained to represent heirs of the person appointed to manage the person’s estate.Avoiding probate therefore, will likely save the estate and parties the attorneys fees and other costs incurred in a probate case. There are generally two options for this: a will and a trust. Have a small estate. Which method, or combination of methods, is best for you will depend on your situation. This usually is reserved for smaller estates if the value is under $100,000 (for real estate) or under $75,000 (personal property). An heir of the estate may claim this benefit by filling out a small estate affidavit. It often comes down to how complicated and extensive an estate is. Probate is the process where a court oversees the distribution of property formerly belonging to a deceased individual. For more details, see Probate Shortcuts in Arizona. 1. Learn about avoiding probate in Arizona and using a living trust, click or call 480-229-6220 to establish guardians, reduce contests and avoid probate. Up to two automobiles or other vehicles having a total value of less than $40,000 can pass to the surviving spouse by filing an affidavit with the Title Bureau. For information from our Legal reviewer on how to avoid probate by naming pay-on-death beneficiaries for your bank accounts, read on! We'll call you back within 4 hours, or call us at (800) 603-3900 for a free consultation with a Real Estate Attorney If you have assets that are not going to avoid probate in some other way, it is a good idea to have them in a revocable trust. I have helped over 1500 clients. § 33-405. What will work in your situation will depend on how your assets are titled and who you want to inherit your estate when you die. Arizona law also requires that the Will is in writing, signed by the person making the Will (the “testator”), and two witnesses. There are a number of legal tools to limit the extent that probate is necessary, and avoid the complications of going through this process. Trusts can be effective vehicles to use to avoid probate. Upon the death of one of the joint owners, the other owner assumes rights over the property legally. Phone: 602-996-4076   Email: [email protected], Office Address:11811 N. Tatum Blvd, Suite 3031, Phoenix, AZ 85028. Joint ownership of assets is another way to avoid probate in Arizona, and this structure is for property that is owned jointly with another person. Including contingent beneficiaries on one deed becomes convoluted and can confuse the title record of your real estate. ♥️, Just because your estate isn't hit with the federal estate tax, that doesn't necessarily mean you're completely off the hook. Unfortunately, there is nothing short and simple about probate—it’s a process you want to help your heirs avoid entirely. Avoiding probate is key to eliminating unintended estate beneficiaries like courts, lawyers and creditors. So there you have it. There are several ways to protect your assets from landing in probate court, it really depends on what you have to find out the best ways to protect it. If you’re wondering how to avoid probate, there are several ways to do so. If you do not want to wait the six months, you can file a regular probate immediately. Follow Linkedin. I want to speak to you today regarding how you may avoid probate in the state of Arizona. up to $75,000, without filing probate. While not complicated to prepare any mistakes made in the document preparation could come back to haunt you. When an account is beneficiary designated, also known as payable on death, it can be automatically and immediately transferred to the named beneficiary upon receipt of a certified copy of the death certificate. When you have a trust, you either retitle your assets into the trust or name the trust as a beneficiary of your assets. Because Arizona has a low probate threshold, it is vital you contact an estate planning attorney to discuss your individual estate planning options to meet your objectives and goals of having your loved ones avoid a probate when you die. Even if you don't do any planning to avoid probate, your estate may qualify for Arizona's simplified "small estate" probate procedures. That type of probate case is called a guardianship or a conservatorship. Probate is the court-supervised process of sorting and administering a person's will. What will work in your situation will depend on how your assets are titled and who you want to inherit your estate when you die. Probate avoidance in a nutshell. Arizona allows you to leave real estate with transfer-on-death deeds. Personal property of up to $75,000 can be transferred to an individual or beneficiary using an affidavit. In Arizona, your Will beneficiaries (or your heirs if you do not have a Will) can collect your personal property (bank accounts, stocks, etc. ) We are not talking here about how to avoid probate court altogether, but just about how to keep your estate from having to go through the probate process upon your death. Although each of these beneficiary forms can be completed easily within a few days, there often comes a point where our aging relatives are no longer mentally capable of signing financial or legal documents. When we pass away, we’re leaving the ones that we love and for some of us just thinking about that can be emotional. Determining how to avoid probate requires looking at how ownership of property is currently set up, and making any necessary changes. If you own a home or other real estate, you can title the deed in a way to avoid probate. Different states, however, offer different ways to avoid probate. 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