After Someone Dies Their Estate Lives On – At Least Until The Probate Process Has Been Completed
We’ve all heard about cases that drag on for years while heirs fight about who gets what, all the while depleting the funds they hoped to inherit. Or about people who find out their loved one’s estate was never probated when they try to sell real estate or pull funds from a financial account. Although probate may be a new thing to you, it’s best to quickly find out how and when to start the probate process.
If your loved one has signed a will and there are assets over $75,000 of personal property or $100,000 of real estate equity you probably need to start a probate proceeding.
As soon as possible after someone’s death, find their Will and other estate planning documents. Hopefully, your loved one has had a frank discussion with you about their plans and where to find their documents.
The best thing you can do now is to contact a qualified probate attorney, one who knows Arizona law. Provide as much information as possible to your attorney so he or she can advise you how to proceed. After speaking with your attorney, you’ll both know which assets require probate and which do not.
In Arizona, there are at least three types of probate proceedings:
- Informal probate – The estate is settled with very little action from the probate court.
- Formal probate – The court may hold several hearings while the estate is being settled.
- Supervised probate – The court more closely supervises the administration of the estate.
Your attorney will tell you which type of proceeding is needed, if any, and how to file paperwork with the probate court. After that, the amount of time spent in court depends on the type of probate needed. A personal representative or executor will be appointed. After the executor has completed all required duties, like finding heirs or paying creditors, the probate proceeding will be closed.
Discussing your plans with you family member, and making sure they know where your documents are located is a great first step. During your estate planning discussions with your attorney you’ll learn how to set up your assets for quick transfer to beneficiaries instead of waiting for all the probate time lives to pass.
Encourage your family and friends to talk about their life care plans. They don’t have to discuss every detail of their estates or give everyone a copy of their Wills, but at least let executors know where your important legal documents are located so they can quickly act after your incapacity or death.
No matter the size of your estate, advice from an attorney with probate experience will smooth the way for you and your heirs. Maybe a loved one recently passed away and you are concerned about probating their estate. We have the skill and experience to handle your Arizona probate case. Feel free to call us at (480) 418-8448 to receive your free case evaluation.
