Establish a Living Trust
If I die leaving only a Last Will and Testament, how will my estate be handled?
If you have a Will, you should have named a personal representative (PR) to distribute your assets to your heirs. So, one of two things will happen:
- In Arizona, if your total estate is worth less than $50,000, including all real estate equity, probate can be avoided. Your PR prepares an affidavit, and after a lawful period to time, will transfer your property to your beneficiaries; or
- if your estate is valued at more than $50,000 (AZ), a probate case must be opened. Your PR files a petition to open the probate, notifies your heirs, has your estate inventoried and valued, and publishes notice to your creditors. After all taxes and creditors have been paid, and all challenges to the Will have been resolved, the probate court may approve a plan to distribute the assets of the estate. This process can take years to complete and can be very expensive.
How do you avoid probate? Establish a living trust. After your death, rather than going through probate, your assets are distributed according to your wishes set forth in your Living Trust. Absolute Best Document Preparers can prepare your living trust affordably and quickly. Click here to contact us today.
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