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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