Probate is often confused with taxes but probate is not a tax. It is a court process and fees from the state are often only several hundred dollars. What exactly is probate and why do people sometimes choose to avoid probate?
Probate is the process of:
Some assets avoid probate and some estate avoid probate. The following assets avoid probate:
Probate typically lasts six months or more in Arizona. Creditors must be given four months of notice before the probate can be closed and the remaining tasks in probate typically take one month minimum.
There are three types of probate in Arizona:
Attorney fees can quickly add to the cost of probate depending on the complexity and length of the probate. Hence, some families choose to use a living trust to avoid probate. However, many of the same steps involved in probate must be performed by the successor trustee of the living trust and sometimes the successor trustee will need assistance from an attorney.
Probate offers the benefits of a court overseeing the steps to ensure all requirements are satisfied and the instructions of the will are followed correctly. If there is a dispute, a court can settle the matter.