What is probate?
Probate is the process by which your property is inventoried and distributed after you are deceased. If you have a will, the first step involves proving its validity. All of your debts and taxes are first paid from your estate. Your executor is authorized to manage and sell your property if necessary to pay debts or make bequests. After your liabilities are handled, the remaining property is distributed according to your will; or according to Arizona law if you do not have a will. Probate can be complicated and is oftentimes a lengthy process. There are many legal devices available to help you avoid passing your property through probate, which an estate planning attorney can help you understand more fully.
How much does probate cost?
Probate is notorious for burdening estates with substantial costs. Court costs and filing fees cost around $250 and your executor is entitled to receive a fee as well. Attorney fees, however, generally create the largest probate expense. It is not uncommon for attorney’s fees to total tens of thousands of dollars in even a routine probate case. The dilemma here is that handling probate without a qualified estate planning attorney can be difficult. Depending upon the size and value of your estate, you may want to utilize legal devices to help you avoid probate. It may cost you some time and money to make these preparations, but it will prevent your heirs from having to deal with probate. You should speak with a qualified estate planning lawyer about the costs and benefits associated with probate avoidance as opposed to letting your heirs deal with it once you are deceased.
Must all of my assets pass through probate?
Probate is not required in every case. There are many types of property which are not required to pass through probate. Property held in joint tenancy and trusts are just two examples. Additionally, real property valued at $50,000 or less, as well as personal property valued at $50,000 or less is not required to pass through probate. Property can be collected in these simple cases by affidavit. So long as there are no disputes, your intended heirs can have these properties transferred to their names after the required six-month waiting period lapses.
Please visit our Probate Law page for more information regarding Probate.
