There is a list of things that need to be done after a loved one has passed away. But a probate is not always required in the state of Arizona. Before stressing out about it, educate yourself on everything you need to know about probates in Arizona.
What Exactly is a Probate?
Let’s start with a little bit of background about probates in Arizona. A probate is a judicial process where a will is proved in a court and accepted as a valid document that is the true last testament of the deceased.
A Probate is Not Always Required
The judicial process can be avoided if all personal property of the deceased is less than $50,000 dollars or if the total value of the real property of the deceased is less than $75,000 dollars. Keep in mind, that if there are no assets or no assets remain titled in the name of the deceased, a probate can be used to inform creditors that they will need to file a claim on behalf of the deceased.
First Things First, a Probate Petition Need to be Filed
Besides filing a probate petition, there are a few things that also need to be done. It is always a good idea to speak with a professional at the very beginning of the process. First, you must prepare all inventory of the deceased person’s assets. Consider doing this before and after death.
Being Prepared and Organized Will Make the Whole Process Easier
As with anything, it is always a good idea to be prepared and organized if you plan on filing a probate petition in Arizona. When taking inventory, take note of real estate, all of the bank accounts including checking and savings accounts, any certificates of deposits, retirement accounts, any vehicles or boats in the name of the deceased, and investment accounts, just to name a few of the important items that need to be accounted for when taking inventory.
Photo courtesy of Pixabay by Pexels.