Top Estate Planning Lawyer Doug Newborn founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, issues several points of caution when someone is trying to pursue the probate process without legal input. For more information please visit https://dougnewbornlawfirm.com
Tucson, Arizona, United States - April 24, 2023 —
Executors handling the probate process for a person's estate in Arizona may be tempted to go into it alone and avoid seeking legal advice, but they will inevitably have to live with potential consequences, revealed local probate and estate planning lawyer Doug Newborn.
For more information please visit https://dougnewbornlawfirm.com
The Founder of Tucson's Doug Newborn Law Firm, PLLC, said that in Arizona, most probate cases are referenced as informal, enabling the executor, or estate personal assistant, to handle the probate process without court supervision.
The court's involvement can be limited to opening, administering, and closing the estate as long as no one contests the will or objects to the executor's actions.
Informal probate will initially see the executor provide the will to the family members, although it is best to open the will with an attorney present. The original will, which needs to be stored safely, will be the one to be considered by the probate court.
The appointed executor – named by the deceased in their will – oversees the estate during probate. This will include compiling a list of interested parties and contact details if they have a claim on the estate. This can consist of beneficiaries, spouses, other heirs, creditors, and trustees.
The next task will be creating an inventory of the deceased's assets, from bank accounts to real estate, personal possessions, cars, etc., and obtaining a fair market value for them. You can then establish a list of creditors, calculate the value of the estate's liabilities and evaluate whether probate is required.
Assets can be transferred directly to a designated beneficiary listed on an account following the owner's death. Assets that avoid probate are accounts with a transfer-on-death beneficiary, life insurance, retirement accounts, trusts, and jointly-owned real estate (all depending on whether the paperwork was properly filled out by the deceased).
In Arizona, small estates can be exempted from probate if the deceased's estate has less than $100,000 in equity in all real estate and no more than $75,000 in personal property (bank accounts, cars, and other “things”). If the estate qualifies, an executor can post a small estate affidavit.
Newborn said that before being in a position to petition to open probate, an executor who is not a licensed fiduciary would have to complete a court-approved training course, as deemed by the Arizona Supreme Court.
He said an executor would first serve notice of the application to interested parties before petitioning to open probate. To launch an informal probate process, an executor must submit various documents to the county probate court to put things in motion.
However, Newborn issued several points of caution when someone is trying to pursue the probate process without legal input. He said: "Someone handling the task for the first time could quickly be overwhelmed by the many steps they have to take; the time to source assets, beneficiaries and creditors, and the pressure to act quickly from a grieving family's point of view."
He advised that a probate lawyer can ensure the process is more efficient and streamlined, given their vast experience navigating the Arizona legal system. "Probate attorneys can handle filings, contact beneficiaries and creditors, and usually offer a faster and more efficient conclusion for an estate."
Newborn said that lawyers are also best placed to explain and educate family members on the will's structure and the process without the potential of inflaming internal disputes over who has the right to what in an estate.
"Being detached, professional and knowledgeable of the process, an attorney can often mediate and deescalate family conflicts, or from relatives seeking to contest a will that can only deepen divisions."
Lawyers can also handle disputes over potential disproportionate settlements – such as a property being left to children and who should live in it. When beneficiaries face varied options to what should be a simple divestment, a lawyer can mediate or assist in a complex matter.
If wills are being contested, then a probate attorney can represent the executor in court and handle the legal legwork that an ordinary member of the public would find overwhelming. Newborn added: "A lawyer can also bring their knowledge to bear when an executor is faced with complex technical details of trusts and estates."
He concluded: "They can also come into their own in handling creditors' claims against an estate and how best to settle such claims. Having an attorney at your disposal during the probate process can often mean less time and cost trying to handle it on your own."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 7315 North Oracle Road, Suite 230 Tucson, AZ 85704
Phone: 520-636-1152
Website: https://dougnewbornlawfirm.com
Release ID: 89095255
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