probate in arizona: can it be avoided?

Probate in Arizona: Can It Be Avoided? www.singerpistiner.com 1

PROBATE IN

ARIZONA: CAN IT BE AVOIDED? While Almost Every Couple Getting Married Can

Benefitfrom a Premarital Agreement, there are Certain Situations Where this Type of Contract Is Even More

Essential

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Probate occurs after a person has died. It is the process of settling the

deceased’s estate. During probate, the deceased's will is verified, interested

parties have the opportunity to challenge the will, and creditors are given the

chance to come forward and make claims on the estate.

Depending upon the size of the estate as well as the type of assets, taxes may

be paid from the estate and businesses and other assets may need to be valued.

All of this must occur before the money and property will be distributed to heirs or

beneficiaries. The process of probate can be complicated and it can take several

weeks to several months to probate a will and distribute property to heirs,

depending upon the complexity of the deceased's estate.

Many people want to avoid the process of having a will probated because it is

complex and difficult to deal with at a time when you are grieving for a loved one.


It is possible to avoid probate with careful advanced planning on the part of the

deceased. While there are many special legal tools used by the wealthy to avoid

probate, even people with more modest estates and more limited assets can

avoid probate by creating an estate plan. An experienced attorney should be

consulted to assist with the estate planning process.

AN ESTATE PLAN CAN MAKE IT POSSIBLE TO AVOID THE

PROBATE PROCESS

The key to avoiding probate

is to ensure that assets are

owned in such a way that

they can pass automatically

to heirs without the need to

probate a will. There are a

variety of different ways to

ensure that your

beneficiaries can inherit

without going through a formal court process. Some different options include the

following:

Create a trust and transfer ownership of assets to the trust. The

creation of a trust is an especially common tool for larger estates. Creating

a trust can also help to protect property so creditors cannot access it. When

you create a trust, the property that you own is transferred into the trust,

which becomes the new owner. There are different kinds of trusts that can

be created including a living trust, which lets you keep control of your


possessions and assets until your death when they are transferred to the

named beneficiaries. Specialized trusts such as a spendthrift trust or a

special needs' trust can also be utilized as part of an estate plan in

appropriate situations. An experienced Phoenix wills and trusts lawyer can

assist in determining if a trust is right for you and in creating a trust that

protects your wealth.

Own your property jointly with your heirs. If you want to leave money,

property or other assets to your heirs, you can structure your ownership so

the property automatically becomes theirs upon your death. For example,

you could have a joint bank account with your child or you could have your

house co-owned with your child as joint tenants with rights of survivorship.

There are different types of joint ownership including tenancy by the

entirety and community property with rights of survivorship. You should

consult with a lawyer to learn about how best to share ownership with those

who you want to leave your possessions to.

Give gifts. You are permitted to give gifts to whomever you want to while

you are alive. While there is a gift tax assessed on large transfers of

money or assets, gifts up to a certain value are exempt. According to the

Internal Revenue Service, you may give a gift of up to $14,000 to someone

in 2014 without triggering the gift tax. Each person who gives a gift can

take advantage of this exception for each different recipient. This means

that if you have a spouse, you and your spouse together would be allowed

to give each of your children up to $28,000 each year ($14,000 each). The

IRS gift tax exclusion changes annually.


These are just three possible options if you wish to avoid probate and allow your

property to pass without the need for your children or other loved ones to go to

court after you have passed away. Creating a comprehensive estate plan is an

important way to protect your legacy and make your life easier for your family

after your death. A Phoenix, AZ estate planning attorney can assist people with

estates of any size in the creation of a plan to avoid probate and ensure the

seamless transfer of wealth and assets.


About Singer Pistiner, P.C. In the midst of a family crisis, you may feel like you have nowhere to turn. But there is a solution. At Singer Pistiner, P.C., we will help you to find it. As a small firm, we are able to respond quickly to your needs and concerns. The efficiencies of being a small firm also enable us to provide high-quality legal services at affordable rates.

At Singer Pistiner, P.C., in Phoenix, Arizona, we know that divorce is an emotionally and financially taxing experience. That’s why we provide you with a simple, quick and personalized approach to family law services where you will deal with one attorney who will handle your case from start to finish.

Your Personal Attorneys

Throughout the legal process, our lawyers will keep you informed of important developments. We will return your phone calls, answer your questions and address any additional issues that may arise in the course of your case.

We will devote all of the time and effort needed to achieve the best possible outcome. Our law firm can take your case to family court, which is a part of the Superior Court of Arizona, or handle it through another avenue of resolution such as mediation. In addition to divorce, our lawyers handle paternity, prenuptial agreements,grandparents’ rights, orders of protection, child relocation, and modification and enforcement issues.

In any family law case, your best interests are our overriding concern. Our goal is to find the right solution for you — in an efficient, timely and affordable manner.

FAMILY LAW ATTORNEYS SERVING PHOENIX, GLENDALE, SURPRISE, SCOTTSDALE, TEMPE, CHANDLER AND MESA

If you’d like to know more about how our Phoenix family law firm handles divorce and other family issues, please feel free to call 602-264-0110 or send us an e-mail to schedule a free initial consultation.

Singer Pistiner, P.C. 1 East Camelback Road, Suite 550 Phoenix AZ 85012 Phone: 602-264-0110 Fax: 602-264-0440 Website: www.singerpistiner.com


probate in arizona: can it be avoided?

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