2. Estate Administration
Probate can be defined as the legal process of
estate administration.
It comes into play when certain circumstances
exist.
This process is time-consuming, and it can be
expensive, so it is not always positive for the
heirs to an estate.
3. Direct Personal Possession
Generally speaking, the probate process would be
necessary if you pass away when you are in
direct personal possession of property.
For example, if you use a last will to transfer your
personally held property, the will would be
admitted to probate.
Probate would also enter the picture if you had
property, but no estate planning documents at
all.
4. Arizona Probate Shortcuts
There are a couple of probate shortcuts in the
state of Arizona.
Personal property can be transferred through a
simple affidavit if its value does not exceed
$75,000.
A simple affidavit can be used to transfer real
property at its value does not exceed $100,000.
There is also a simplified probate process for
small estates.
5. Payable on Death Accounts
You could add a beneficiary when you open a
bank or brokerage account.
This type of account is called a payable on death
account.
If you establish a POD account, the beneficiary
would assume ownership of the remainder that
is left in the account after your passing.
Probate would not be a factor.
6. Life Insurance
If you have a life insurance policy, the company
would pay the beneficiary directly after you pass
away.
This transfer would not be subject to probate.
7. Joint Tenancy
Joint tenancy is the condition of co-ownership of
property.
If you were to add a joint tenant to the title or deed
of your home, the person that you added would
have a 50 percent ownership share.
After your passing, the joint tenant would become
the sole owner of the home, and the probate
process would not come into play.
8. Revocable Living Trusts
Property that has been conveyed into a revocable
living trust can be transferred after the passing
of the grantor free of the probate process.
9. Mesa AZ Estate Planning
Consultation
If you would like to discuss your estate planning
objectives with a licensed professional, contact
us to set up a consultation.
Jacobson Law Group
(480) 588-5088
EstatePlanningArizona.com
10. Mesa AZ Estate Planning
Consultation
If you would like to discuss your estate planning
objectives with a licensed professional, contact
us to set up a consultation.
Jacobson Law Group
(480) 588-5088
EstatePlanningArizona.com