How To Avoid Probate In Arizona

How To Avoid Probate In Arizona
The number one way to avoid probate in Arizona is having a Revocable living trust. With a trust it allows your estate to avoid probate as long as you fund the trust by transferring your assets out of your name individually and into the trust.

So when you pass away your assets are in the name of the trust and not your name personally. and the assets in your trust will automatically transfer to the beneficiary or heirs you named in the trust without having to going through probate.

Another way to avoid probate is if you own property as joint tenancy with right of survivorship this allows two or more joints owners to have an equal share in the property. So when one of the the owners pass away that owner’s share in the property will automatically roll over to the other joint tenants.

You could also hold property as Community property with right of survivorship, which means the deceased spouse’s share will automatically pass to the surviving spouse. However, this is only available for married couples.

You could also use a beneficiary deed to transfer property after you pass way to a beneficiary to avoid probate.

You can use Beneficiary designations on financial accounts like bank accounts, IRAs, 401ks, and other brokerage accounts and life insurance policies so in the event you pass way these assets can be passed directly to your beneficiaries without have to go through the probate process.

Also if you have what Arizona considers to be a small estate that’s estates that’s are worth less than $75000 for personal property and less and $100,000 for real estate then your beneficiaries can file a small estate affidavit with the court to receive your assets with out going through probate.

The best way to protect yourself and your family to Is to have a proper estate plan set up to avoid probate in Arizona.

If you have questions about Probate reach out to me I’m Marvin with Probate In Arizona https://probateinarizona.com

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