Many people understand the basic concept of the probate process, though they often do not know much about the specific timeline and the many steps involved. If you are starting to plan your estate in the state of Arizona, you may want to learn more about what exactly the probate process entails. This will help you to be better equipped with the knowledge that you need in order to make important decisions about your estate.
The probate process does vary significantly based on the individual situation. Probate can be avoided by putting assets into a trust or through creating jointly owned titles, though if you want to create a will, it will be subject to probate at the end of your life.
How does the probate process begin?
The probate process starts when the executor goes to a probate court and presents the will of the person who has passed away. Once this has been done, the court will go through a process of collecting all of the assets.
They will use these assets to pay off any debts that the decedent had, and then proceed to pay outstanding taxes. After this has been finalized, the court can go about distributing the remaining assets to the heirs mentioned in the will.
Generally speaking, the entire timeline of the probate process could be anywhere between 9 and 24 months. Once the funds of the estate have been fully distributed, the probate process will officially conclude.
If you are planning your estate in Arizona, you may want to research more about the benefits of avoiding the probate process.