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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