Probate is a lengthy and often continuous process that can cause significant stress and financial burden on families. It takes a lot of energy and money to go through the probate process. However, many people in Chandler find ways to secure their assets and help their families avoid such a situation. An experienced estate planning attorney in Chandler can show you how to implement certain strategies so that your estate is smoothly handed down to your children without stress.
Why Residents of Chandler Want to Avoid Probate
When someone dies, their assets are distributed under court supervision. It is very common for a case to drag on for several months, using up the time and money of the participants, and, in the end, the beneficiaries receive less because legal fees are deducted from the estate. Another aspect of probating that most people do not like is that probate records become open to the public by default, so anyone can see your financial details. If you plan ahead, you can save a lot of trouble and keep your matter private.
Effective Methods to Avoid Probate
Your estate may be able to dodge probate in a number of ways:
- Revocable Living Trusts: Revocable living trusts provide you with a way to transfer your assets into the trust during your lifetime. You still retain control of the trust, but the assets will go to your heirs without the involvement of the court after your death.
- Beneficiary Designations: A beneficiary automatically inherits a retirement account, life insurance policy, or bank account with a payable-on-death feature; the assets will go directly to the designated beneficiary.
- Transfer-on-Death Deeds: Under Arizona law (A.R.S. 33-405), a property owner can designate beneficiaries for his or her real estate, who will receive the property upon the owner’s death without needing to go through probate, by preparing and filing the appropriate beneficiary deed with the county recorder’s office.
- Joint Ownership: When property is conjointly owned as joint tenants with the right of survivorship or as community property with the right of survivorship, it will automatically pass to the surviving owner.
- Small Estate Affidavits: Arizona law provides simplified transfer methods to avoid formal probate for estates qualifying under the value limits listed (personal property up to $200,000 or real property assessed at $300,000 or less).
Get Help from an Estate Planning Attorney in Chandler
Any estate planning lawyer with experience in Chandler would guide you through all possible strategies from which you could choose the ones that are in line with your personal criteria and would, in addition, make sure that your will is properly executed, beneficiary designation is coordinated, and protective trusts are established. It is such a relief for an individual who has made up their mind as to what their last wishes will be, to be free from anxiety after having been through such a procedure with an attorney, and to have no problems with family members. If you want a plan that fits your particular situation, don’t hesitate to set an appointment with a reputable estate planning attorney in Chandler.