Comprehensive and Affordable Estate Planning Solutions

probate & estate

Arizona Probate
Avoidance

Due to its potential for being time-consuming, expensive, and public, many individuals opt to circumvent the probate process. Various legal strategies are available to enable the transfer of property to another person after death without the need for probate.

Arizona Estate and Trust Administration

A well-drafted and funded trust typically avoids probate, sparing the need for court filings. However, trust administration involves crucial steps, including beneficiary communication, asset management, creditor notifications, and distribution per the trust’s terms.

Organizing your probate and estate administration is important to ensure a seamless and orderly distribution of your assets according to your wishes.

Establishing a well-structured plan not only facilitates the efficient transfer of your estate but also helps minimize the potential for family disputes and legal complications. Proper probate and estate administration can provide clarity on matters such as asset distribution, debt settlement, and the appointment of guardians or trustees.

Establish a seamless distribution of your assets.

By taking proactive steps to document your preferences and appoint responsible individuals, you not only protect your legacy but also ease the burden on your loved ones during what can be a challenging and emotionally charged time.

Beneficiary Designations

Arizona allows Transfer on Death (TOD) or Pay on Death (POD) beneficiary designations to be added on bank accounts. Opting for these beneficiary designations is beneficial compared to joint tenancy, as they enable property transfer solely upon your death without relinquishing current ownership. However, there is a potential challenge in achieving a proper distribution of property among heirs through beneficiary designations.

Joint Tenancy & Tenancy By The Entirety

Adding another person to your assets as a joint owner or “joint tenancy with rights of survivorship” will allow your property to pass to them upon your death without going through probate. There are pitfalls to this strategy, however, to include subjecting such assets to any claims (such as lawsuits) against the co-owner and making them available to the co-owner’s creditors — all while you are still alive and planning on using the assets yourself.

Revocable Living Trust

A Revocable Living Trust is a legal instrument enabling you to establish a distinct entity, the trust, to hold legal title to your assets during your lifetime. You have the authority to appoint trustees to administer these assets in accordance with the trust’s terms. Typically, you act as the trustee, overseeing your assets for personal benefit while alive. In the event of your disability or demise, the trust designates a successor trustee to continue managing assets.

let us help you with your estate plan

Safeguard your assets and ensure a smooth transition of wealth.

Proper estate planning and probate management can protect your legacy and provide peace of mind for you and your loved ones.

Schedule Your Complimentary Appointment Today!

Receive our weekly eNewsletter!