Probate is the legal process of issuing of the belongings of dead people. It is overseen by the probate court where the will is validated and all assets and liabilities are reviewed. All liabilities are paid and what assets remain is then dispersed to the beneficiary according to the will. It is the probate court that decides the legal legitimacy of wills and grants its approval by granting probate to the executor. The probated will becomes a legal document that may be imposed by the executor in the law-courts if necessary. A probate also officially appoints the personal representative or executor generally named in the will, as having legal power to dispose of the testator’s assets in the manner specified in the will.

There are three types of probate proceedings in Arizona: formal, informal, and supervised. The key difference between the three is the extent of the court’s administration and involvement in the process. The more involved the court is with the probate, the more money the process will cost. Informal probate is ideal for the estates where the will is uncontested and meet certain standards. When it comes to formal probate, it is for those that does not meet the necessary requirements of an informal probate or if the will is being challenged. Supervised probates are for estates that require a lot of time since the estate is more puzzling. In some cases this includes the need to liquidate all landed property.

To avoid probate in Arizona, most financial institutions offer “Payable-on-Death” accounts which will allow you to keep your money far away from probate court. As long as you are living, the person or people you name to inherit the money in a payable-on-death account has absolutely no rights on the account. This is one of the calmest ways to retain your money in your possession and out of the probate courts. There are a few simple forms provided by your bank that names the person you want to inherit the money when you kick the bucket. This particular account allows you to make modifications if you change you have a change of heart, need the money or want the change your beneficiary.

When you die, the beneficiary simply goes to the bank, provides proof of the death along with his or her identity. After the verification process is complete, the funds are released to the beneficiary without the probate courts ever getting involved. This is the best way to avoid probate in Arizona.

When it comes to joint accounts, most of them include with a type of “survivor of rights” which states when a co-owner perishes; the other will routinely be the single owner of the account. Almost all accounts including a joint account can be transformed into a payable-on-death account. When the first member on a joint account passes away, the funds in the account will become the property of the survivor with out probate. A payable-on-death designation can also be added. This means for combined accounts if the second party on this account dies then whatever remaining funds left in the payable-on-death account goes to the beneficiary named in order to avoid probate in Arizona.

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