Alternatives to Probate
The Arizona Probate Code does not require every asset to go through probate before passing to a beneficiary. Whether probate is necessary depends on the value of the property in question, and the manner in which that property is legally held. Arizona probate law allows simple estates, or those with less than $50,000 of personal property and less than $75,000 of real property, to pass to beneficiaries by special affidavit, without passing through probate. Probate is also unnecessary for community property, property held in joint tenancy with survivor rights, life insurance policies with named beneficiaries, and property held in trust.
Many people can benefit from bypassing probate by developing an estate plan. Even if it turns out that avoiding probate is unnecessary, it is always helpful for people to evaluate their affairs with an Arizona Estate Planning attorney. At the very least, everybody should create a Will so that their assets are distributed according to their wishes. Or, it may be necessary to create a more complex estate plan that includes living trusts, powers of attorney and insurances. The important thing is that people explore their options and create the plan most suitable for their particular situation.
In addition to providing instructions on how to divide assets, a comprehensive estate plan should include medical and financial directives for end-of-life issues. Having the right legal documents can help people avoid unnecessary costs, while retaining control and flexibility. An Arizona Estate Planning Attorney can help people arrange their affairs to their advantage. Depending on the particular situation, estate planning can help people obtain tax benefits and avoid probate by transferring their assets immediately to their loved ones upon their death.
