If there’s one thing that I tell my clients over and over, it’s to do whatever you can to avoid probate. Arizona probate court is time consuming, expensive and incredibly inconvenient for those family members who are left to take over your assets and property. If you’re family is dealing with the loss of a loved one, the very last thing that you want them to have to deal with is probate court.
What is Probate Court?
Phoenix probate court is the process by with all assets will be categorized and inventoried not by your or your family, but by court officers. Then all outstanding debts will be paid, according to the court disbursement, which could include any credit cards, medical bills, etc. After all of this is completed, sometimes lasting one to five years, your family will be distributed the remaining assets, if there are any.
Who Pays For Probate Court?
Arizona probate court is paid for by the families of the deceased. So as your assets are paid to debt holders, your family will be left to pay for all court proceedings to receive on the assets that remain in the end. Should your family, children or siblings need access to your assets after your death, they will not be able to access any of it while your estate and assets are tied up in court.
How Much Does The Court Take?
According to most accounts, probate is incredibly lengthy and can actually take away as much as 5% of your estate.
Are Their Privacy Concerns with Probate Court?
When your estate goes to probate it instantly becomes a matter of public record, for anyone and everyone to see, including fraudulent ‘debt holders’ who want nothing more than to scam your already grieving family. Every piece of property, every asset, including every member of the family who takes part in any probate legal proceedings will be mentioned in the public record.
How Can I Avoid Probate Court For My Family?
By setting up an Arizona living trust, you can avoid probate court all-together and ensure that you’re family does not have to go through the emotional stress over your assets. By establishing a living trust, you will name a trustee who will manage your property after you’ve passed. According to your wishes, legally laid out in will and trust documents, the trustee will take care of any debts and distribute your assets and property to the heirs that you’ve selected.
Does This Matter Remain Private?
If you decide to set up a living trust, all assets and liabilities remain a private, family matter.