How to Avoid Probate in Arizona

Probate court in Arizona can be expensive and difficult for surviving family members, which is why many people take steps to avoid probate in Arizona. There are a number of options that you can take to avoid probate in Arizona. Arizona is a state that allows people to create living trusts, transfer-on-death deeds, as well as joint ownership trusts that can all avoid probate court.

Living Trust

A living trust is similar to will and allows you to transfer your assets to yourself. The state of Arizona allows you to create a living trust for any asset or item that you own including bank accounts, vehicles, real estate, valuables, and other items. These items can be transferred to a person or group of people designated as successors with a living trust. Once you have transferred your assets to yourself, they are controlled by the terms of the living trust. Upon your death your successors can then receive your assets and avoid probate in Arizona. There are details to a living trust that need to be properly executed to completely avoid probate in Arizona.

Deeds

There are also transfer-on-death deeds that can be used to transfer vehicles, bank accounts, real estate, and stocks and bonds to beneficiaries. This is another way to avoid probate in Arizona, because the state of Arizona allows you to register these particular assets to be transferred to beneficiaries after death. While you are alive you have full ownership to these assets and can do with them as you wish, but upon your death the assets are transferred to your beneficiaries, and this allows your beneficiaries to avoid probate in Arizona.

Joint Ownership

Joint ownership of assets is another way to avoid probate in Arizona, and this structure is for property that is owned jointly with another person. Upon the death of one of the joint owners, the other owner assumes rights over the property legally. The surviving owner can avoid probate in Arizona, as no probate court will be necessary in order to transfer the asset. However, proof of joint ownership will be required in written format. By setting up one of the above mentioned trusts or deeds for your assets you can help your beneficiaries avoid the cost and difficulty associated with probate in Arizona.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.