{"id":216,"date":"2019-03-22T08:40:53","date_gmt":"2019-03-22T15:40:53","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/probate\/?p=216"},"modified":"2022-11-14T14:41:21","modified_gmt":"2022-11-14T21:41:21","slug":"what-needs-to-go-through-probate","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/probate\/blog\/what-needs-to-go-through-probate\/","title":{"rendered":"What Types of Assets Need to Go Through Probate in Arizona?"},"content":{"rendered":"
When you\u2019re trying to determine which assets need to go through probate<\/a>, it\u2019s important to consider how the asset is titled. Generally speaking, assets that are titled solely in the decedent\u2019s name need to be probated, while assets that are jointly-owned or have a designated beneficiary can transfer ownership outside of probate.<\/p>\n For example, a car. If the car in question is titled individually in the decedent\u2019s name, it\u2019s safe to assume that the car will need to go through probate. If the vehicle title lists a joint owner, then the car will automatically transfer to the joint owner.<\/p>\n In the latter scenario, you may need to mail a copy of the decedent\u2019s death certificate to the title company for them to remove the decedent\u2019s name from the title, but you won\u2019t need to do anything to actually transfer ownership to the joint owner.<\/p>\n Probate is the legal process of transferring ownership of a decedent\u2019s property to his or her heirs. The process typically involves validating the decedent\u2019s will (if applicable), settling the decedent\u2019s liabilities, and distributing the remaining assets. These activities are usually handled by the estate\u2019s personal representative<\/a> (aka the executor).<\/p>\n When someone passes away, all of the assets in his or her name are locked until an authorized person transfers the assets to the rightful heir. Assets with a joint owner or designated beneficiary may be unlocked and transferred by the financial institution or title company with a copy of the death certificate and some light paperwork, but individually-owned assets can only be unlocked by an authorized personal representative and transferred by a probate judge. Without probate, individually-owned assets would remain frozen in the decedent\u2019s name indefinitely.<\/p>\n Assets that are subject to probate include:<\/p>\n While probate is often necessary, the cumbersome process can often be avoided with advance estate planning. Most (if not all) assets are allowed to transfer ownership outside of probate court providing there is a joint owner or designated beneficiary on the account. Some examples of non-probate assets include:<\/p>\n Where probate can take 6 months or longer, non-probate transfers can take place in days or weeks. Joint accounts with rights of survivorship transfer automatically upon the decedent\u2019s passing, and accounts with a designated beneficiary can transfer to the intended recipient as soon as the financial institution receives a copy of the death certificate.<\/p>\n Note that because non-probate assets have a joint owner or designated beneficiary, they aren\u2019t subject to a decedent\u2019s will. Even if the decedent included some non-probate assets in their will, the joint owner or designated beneficiary listed on the account always trumps the beneficiaries listed in the will.<\/p>\n In Arizona, small estates with less than $75,000 in personal property and less than $100,000 in real property are permitted to settle all liabilities and transfer all assets outside of court by affidavit. Creditors and interested parties have up to six months after the decedent\u2019s passing to submit their claims to the estate before the court will accept a small estate affidavit<\/a>.<\/p>\n Probate proceedings in Arizona are guided by the Uniform Probate Code (UPC<\/a>), a universal set of standards adopted by a number of states that\u2019s intended to simplify probate and keep probate proceedings consistent across state lines. Under the UPC, there are three types of probate proceedings:<\/p>\n Whether probate is formal or informal, the actual steps in the process are largely the same:<\/p>\nWhat is Probate?<\/h4>\n
Assets That Are Subject to Probate<\/h4>\n
\n
Assets That Are Not Subject to Probate<\/h4>\n
\n
Small Estate Exemption<\/h4>\n
Formal vs. Informal Probate<\/h4>\n
\n
How to Probate Assets<\/h4>\n
\n
Do You Need Help with Probate Matters?<\/h4>\n