Of course our attorneys and CPAs always advise us that having a will is under most circumstances, much better than the alternative which is having everything decided through the Arizona probate process.
We would like to address three common misunderstandings about Arizona probate and they are as follows:
- Arizona probate is typically costly
- The Arizona probate process is slow and as a result, family assets are often “tied up” for an unnecessarily long duration of time
- Arizona probate comes with severe tax implications
In addressing the first point, comparatively speaking Arizona probate was much more expensive than living trusts and wills because fees associated with the Arizona probate process were a percentage of the total value of the estate assets. However, now that Arizona legal fees are typically not percentage based, costs associated with the Arizona probate process seem to be much more closely aligned with trusts and wills.
To address the second point, the Arizona probate process can be fairly expeditious and as a result, the distribution of assets which many may think is the slowest part of the probate process, can be handled as quickly or more quickly than a living trust. There will be circumstances in some cases, where the courts deem it necessary to closely supervise certain steps in the Arizona trust or will process which will not be any different than Arizona probate.
To address the final point about taxes, it is our understanding that Arizona probate estates and estates which are held in living trusts are taxed at the same rates and offer the same tax exemptions so there are no real tax advantages based on that understanding.
All of the points made in this post should be addressed and of course verified with your Arizona probate attorney and CPA. We are a team of Arizona probate real estate agents and brokers and our expertise lies only in our ability to list, market and sell your Arizona probate real estate.
Contact our team of Arizona real estate probate specialists today.