Prescott Tax and Paralegal, your estate planning experts in Prescott, answers the question: What property may need probate?

Thinking about your estate plan or lack thereof? There are ways to transfer property upon death that do not require probate. Prescott Tax and Paralegal shares with our Prescott clients what assets may need to go through probate.

A colleague asked if I would briefly discuss what assets require probate to transfer title. Briefly? I’ll try. In general, if property requires the signature of the owner to transfer title or access it, then it may require probate for transfer after death, unless a non-probate transfer device has been put in place before death.

The following table shows some typical assets, and one possible non-probate transfer option.  (I’m trying to be brief.)

Property	Signature Required	Non-probate transfer options	Small estate transfer options
Financial Account	Yes	Name a POD or TOD beneficiary	Affidavit of Collection if less than $50,000
Real Estate	Yes	Beneficiary Deed	Affidavit of Transfer of Real Property if less than $100,000
Motor Vehicle	Yes	Beneficiary Designation Form	Affidavit of collection if less than $50,000
Grandma’s Dishes	No	Give them to the person listed in the Will

Just because a person has a Last Will and Testament does not mean probate is required. If the only property is Grandma’s dishes, a probate court proceeding is generally not required.

Even when there is no Will, a probate proceeding may need to be opened if there is real estate which needs to be transferred. For those who think, “Ha, I’ve got a Trust!” Even a Trust may end up in probate court if there is a disagreement over distribution, if the Trustee acts improperly, or if assets were not placed into Trust ownership.

In a perfect world, no one would end up in probate court. Until then, probate provides the way to transfer property that requires a signature, when the owner dies before choosing a non-probate transfer.

If you are looking for help protecting your assets, choose the professionals at Prescott Tax and Paralegal. To obtain legal advice on the best solution for your situation, you should contact an attorney. To schedule a consultation, or if you are in need of an estate or trust plan in Prescott, contact the experts at Prescott Tax and Paralegal at 928-778-3113. For more information on services we offer, please visit http://www.PrescottTax.com.

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Prescott Tax and Paralegal, your estate planning experts in Prescott, discusses avoiding probate

Probate. Just mention the word, and chills run up the spine. Some businesses even target seniors to scare them into purchasing expensive estate plans to avoid probate. They hold luncheon seminars telling seniors that a Will won’t avoid probate, and then try to sell the senior a Trust for several thousands of dollars. In many cases, there are other, less expensive options that would also avoid probate. Prescott Tax and Paralegal wants our Prescott clients to be aware of what probate is and what you can do to protect the assets you’d like to leave to your heirs.

First, let’s define probate. Probate is a court proceeding to transfer assets and settle the debts of a deceased person. At a minimum, a simple probate in Arizona takes at least 4 months to complete and can cost $1000 or more. A probate proceeding may also be opened if the Trustee of the deceased person’s Trust is not performing his or her duties, or if someone disagrees with part of the Trust.

What is the best way to avoid probate? Stay alive. Seriously, it depends. Most Arizona real estate can be transferred with a Beneficiary Deed for less than $150. That is 1/10 the cost of a simple probate. If a person owns real estate in multiple states, it may be better to use a Trust to manage the transfer of property. Depending on your unique situation, a Trust may be the best solution, or there may be other less expensive ways to transfer your assets upon death.

The professionals at Prescott Tax and Paralegal are experienced in estate planning in Prescott and can help you protect your assets. To obtain legal advice on the best solution for your situation, you should contact an attorney. For a consultation or if you are in need of an estate plan, contact the experts at Prescott Tax and Paralegal at 928-778-3113. For more information on services we offer, please visit http://www.PrescottTax.com.

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Prescott Tax and Paralegal, your estate planning experts in Prescott, discusses when the State can get your stuff

You may have heard the myth that the State will get your stuff if you don’t have a Will.
In reality, whether or not you have a Will has little to do with when the State obtains property. Prescott Tax and Paralegal wants our Prescott clients to know what to do to protect your assets.

You may be surprised to know that you can be very much alive and the State can get your property. Arizona adopted the Unclaimed Property Act, found in A.R.S. § 44-301 through 339. The Act specifies time limits for determining when property has been “abandoned” by the owner. These time limits vary from one year to 15 years.  Three years is the most common.

For example, a money order which is not cashed within three years is presumed abandoned. The issuer of the money order then files a report with the State claiming that the property is abandoned. The abandoned property is turned over to the State.  The State must publish a list of abandoned property, and give the rightful owner roughly three years to claim the property. After three years, the State may sell the property and the prior owner can no longer redeem it.

Are you curious if you have abandoned property?  There are two good online sources where you can check:

• www.missingmoney.com (the official search site) and
• www.azunclaimed.gov (a resource for questions). When doing a search, start with your last name and your state. You can then refine that search by using your last name and first initial, and finally your last name and complete first name. If you locate property belonging to you, you can click a link to obtain the form to claim your property.

To avoid the possibility of the State becoming the owner of your property, consult with an estate planning professional to make sure your assets are protected. Prescott Tax and Paralegal has years of experience preparing estate plans in Prescott, and can help prepare the proper documentation for you and your family. To schedule a consultation, call 928-778-3113. For more information on services we offer, please visit http://www.PrescottTax.com.

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Prescott Tax and Paralegal, your estate planning experts in Prescott, dispels the myth that the State will get your stuff

Do you have a will? If not, you may be worried about what will happen to your property when you die. Because there is so much misinformation surrounding estates, Prescott Tax and Paralegal wants our Prescott clients to know the facts about probate.

When folks come to see us for a consult, they often say something like, “I better do a Will or the State will get my stuff when I die, right?”

Myth: The State will get your stuff if you don’t have a Will.
Truth: It is unusual for the State to become the beneficiary of your property when you die.

Arizona laws specifically address who will get your property if you do not have a Will. Laws covering probate are found in A.R.S. § 14-2101 to 2114.

Here’s the brief version (which does not include all the complexities):

• If you are married, your spouse and your children from a prior relationship inherit.
• If you are single, but have children, your children inherit. If a child died first, then that child’s children (your grandchildren) inherit in place of the deceased child.
• If you are single, without children or grandchildren, then your parents inherit.
• If you are single, without children, and your parents are deceased, then your siblings inherit; if they are deceased, your nieces and nephews inherit.
• If you are a single, orphaned, only child, then your living grandparents inherit.
• If you are a single, orphaned, only child, with no living grandparents, your aunts and uncles inherit; if they are dead, then their living descendants inherit.

Are there are times when the State will get someone’s property? The answer is yes, but it is unusual. Prescott Tax and Paralegal is your local Prescott resource for estate planning and we can help you prepare the right documentation to protect your assets. For legal advice, we can refer you to an attorney. For legal documentation preparation, or to schedule a consultation, call 928-778-3113. For more information on services we offer, please visit http://www.PrescottTax.com.

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Prescott family law experts, Prescott Tax and Paralegal, discusses factors that affect parental rights

Prescott Tax and Paralegal, your family law experts in Prescott, understands that it is important to know what kinds of things can affect your parental rights. Legal decision-making and parent time are two of the most important subjects related to parental rights.

Legal decision-making

When parents separate or divorce, the term legal decision-making refers to the person or persons with the legal right to make all non-emergency legal decisions for a child, such as those relating to education, healthcare and religious training.

• Where there is joint legal decision-making, both parents share the decision-making and neither parent’s rights are considered as being superior.

• Sole legal decision-making means that one parent has the legal right to make major decisions for the child; the other parent is entitled to reasonable parenting time unless the court finds that it would seriously endanger the child’s physical, mental, moral or emotional health.

Parenting time

Parenting time means the schedule of time during which a parent has access to a child.

The court’s determination of legal decision-making and parenting time

When parenting time is disputed, the court first sends the parents to mediation to determine a parenting plan. If the parents are unable to agree on any part of the parenting plan, the court decides that aspect. When determining legal decision-making and parenting time, the court is required to consider what is in the child’s best interest. This involves factors related to the child’s physical and emotional well-being.

Prescott Tax and Paralegal recognizes that it is important to understand parental rights and family law in Prescott. A divorce, legal decision-making, or a parenting time issue can leave you feeling overwhelmed while sorting things out legally. We strive to offer the legal document assistance you are looking for while making these important decisions. We can prepare documents statewide. To schedule a consultation, call us at 928-778-3113. Learn more about us at http://www.PrescottTax.com.

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