No one wants their heirs to go through the probate process. This is because it is lengthy and because a lot of the money to be inherited needs to fund the expensive probate process. Therefore, many people in their lifetime decide to do what they can to ensure that as many of their assets as possible can avoid going through the probate process.
In general, making sure that assets avoid the probate process can both simplify the transfer and safeguard your assets, giving your assets and heirs even more security and giving you peace of mind.
What are some routes that people take in order to avoid the probate process?
Some of the most common ways that people successfully avoid the probate process include creating trusts in their lifetime or by deciding to jointly own property.
In the case of joint property ownership, asset owners can share the ownership with the person that they want to receive the item as an inheritance after their death. For example, if a married couple owns a house together, the surviving spouse will automatically inherit the property without the need for probate.
In the case of starting a living trust, a trustee is appointed. The trustee will be eligible to inherit the assets after the death of the trust initiator. This allows for a great deal of flexibility for estate planning, since very specific terms can be set within the trust. It most cases, the trust will never need to go through probate.
There are many ways that you can avoid the probate process when it comes to your assets. Make sure that you research Arizona estate law fully before making decisions about your property.
Source: FindLaw, “Avoiding the probate process,” accessed Feb. 09, 2018