When a loved one passes away, dealing with their estate can be overwhelming. In Arizona, there are three types of probate processes you might encounter. Understanding these processes and the potential benefits of avoiding probate can help you navigate this challenging time more effectively.
What are the types of probate in Arizona
There are three types of probate in Arizona, namely:
Informal probate
This is the most common and straightforward process because there are no disputes among heirs in this type of probate and the will is valid. This process requires minimal court supervision.
Formal probate
This type of probate is more complex and involves greater court oversight. It is often necessary when there are disputes among heirs, questions about the will’s validity or complicated estate issues. This process could be time-consuming and costly.
Supervised probate
Supervised probate is the most rigorous process. It requires court approval for almost every action taken by the personal representative. It usually applies to complex estates and may also apply when there is significant conflict among beneficiaries.
Why should you consider avoiding probate?
Probate can be a lengthy and expensive process. It potentially ties up assets for months or even years. By avoiding probate, you might:
- Save time and money: Probate often involves court fees, attorney costs and other expenses that may significantly reduce the estate’s value.
- Maintain privacy: Probate proceedings are public records. This means anyone can access information about the deceased’s assets and beneficiaries.
- Reduce stress for your loved ones: Dealing with probate during a time of grief could be emotionally taxing for your family.
- Ensure faster distribution of assets: Without probate, beneficiaries may receive their inheritances more quickly.
To avoid probate, consider options such as creating a living trust, designating beneficiaries on accounts or holding property in joint tenancy. However, it is essential to note that these strategies may only suit some. Consider consulting an attorney to determine the best solution for your situation.
