If your family is in the midst of dealing with the loss of a loved one, the last issue you want them to go through is to have to deal with Arizona probate court.

What is probate court?

It’s the steps that must be taken to distribute your assets once you die. Officers of the probate court will inventory the assets and the liabilities of the deceased and then distribute what remains after all outstanding debts have been paid off. If there is no will or trust in place, your family will need to go through this process and it can be both costly and take a long time.

Imagine if your family needs access to your assets after your death, they will be unable to use any of it while the estate is in probate and that could cause a serious financial hardship. Because the steps of probate are lengthy and can take away almost as much as 5% of your estate, it’s best to avoid this at all costs. There are steps you can take, right now to ease the burden on your family once you’re no longer with them.

You can avoid probate and spare your heirs the time and expense by setting up an Arizona living trust. With a living trust you will name a trustee who will manage your property after you’re no longer able. Once you die, the trustee will take care of your debts and then distribute your remaining assets and property to your heirs. Also, with a living trust your assets and liabilities remain a private matter; when your estate goes to probate it becomes a matter of public record and this may be a consideration for your family as well. Having a living trust established also diverts a portion of the estate taxes which are payable upon your death.

While there are myriad types of living trusts, a popular one is a revocable trust which means you can revoke it at any time. You can also set up a trust that is geared toward affluent married couples called an AB trust. This type of trust helps reduce or eliminate the total amount of estate taxes the couple would have been bit with if the trust were not established. Married individuals can also opt for a joint property trust; with this type of trust the property will transfer to the other individual named on the document immediately upon the other’s death.

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.

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