Important Facts About Probate
After an individual dies, their will is subject for probate. This is a legal process utilized to help settle estate that a deceased person has not delegated. Assets that have not been put into a trust are the portion of the will that will be taxed. The probate process is a crucial step so that assets can be moved to beneficiaries. Probate is not often appreciated because it is so expensive and takes quite a bit of time to complete. Accessing a will or estate planning can be difficult, so contacting a lawyer, like an estate planning attorney Scottsdale AZ trusts, can help give you guidance and support throughout the probate process. The details of probate can vary depending on the state that you live in and is vital to remember that probate can be circumvented.
Many assets are not required to go through probate. This is the case when inheritances, money gifts, and life insurance policies come into play. The beneficiary named on the deceased’s accounts, like retirement or joint bank accounts, are given to them upon the death of their partner. These do not have to go through probate. Any asset in which the beneficiary has been appointed already by the descendant does not need to be assigned in probate court. It is important to contact an estate planning attorney to learn more information about the probate process and assets that may be able to avoid probate altogether.
Assets are Required to Withstand Probate
Unfortunately, a lot of assets are required to go through probate court. Real estate properties owned by the deceased, any bank accounts that are not assigned to a beneficiary or in a joint account, any valuable personal property that belonged to the deceased, and anything not included in a will are subject to pass through probate. In the tragic event where the deceased does not leave behind a will, all of their assets have to pass through probate court. Once the probate process has been completed, which can take years, beneficiaries can be determined. It’s important to note that if there is not a will identifying beneficiaries, the court will make a determination around this by taking into account close family and friends.
Contacting an estate attorney is advised. He or she will have knowledge of estate planning and will be able to support you in getting through the probate process as easily and quickly as possible. Making sure that you have an estate plan or will in place can help save your beneficiaries from a lot of emotional and financial grief..The grief process can be very difficult, with an estate plan in place, and the help of an attorney, your loved one will be able to navigate through probate with ease.
Thanks to our friends and contributors from Arizona Estate Planning Attorneys for their insight into probate and estate planning.