Estate Against Withdrawal In Phoenix
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On average, probate in Arizona takes between six months to a year for an uncontested estate. If complications arise, such as disputes over the will or difficulty locating beneficiaries, the process can extend beyond 12 months.
Each situation is different and some estates may be more complex than others, such as estates where real estate and other assets were bought or sold before distribution to the beneficiaries. However, the average trust should be fully distributed within 12 to 18 months once the trust administration has begun.
When someone dies, their beneficiaries have up to two years to open probate. Once probate is opened, there aren't any time limits that will cause the case to expire.
Executors are required to keep beneficiaries reasonably informed about the status of estate administration — a duty which generally includes accounting.
You can also avoid probate by using a form of ownership with rights of survivorship when you title or acquire property. There are two (2) forms of ownership with rights of survivorship: 1) Joint Tenants with Right of Survivorship; and 2) Community Property with Rights of Survivorship.
You can avoid probate by owning property as follows: Joint tenancy with right of survivorship. Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Tenancy by the entirety. Community property with right of survivorship. Gifts.
Assets that are subject to probate include: Individually-owned bank and brokerage accounts. Real estate owned individually or as tenants in common. Personal property (vehicles, art, jewelry, collectibles, other valuable possessions)
3: Financial Assets Bank accounts and brokerage accounts, business ownership interests, stocks, bonds, and other financial assets are also subject to probate. However, bank accounts, life insurance policies, and retirement accounts that have a designated beneficiary are not considered probate assets.
Probate Shortcuts in Arizona ValueOther Requirements Personal Property < $75,000 No ongoing formal probate Real Estate <$100,000 No personal representative appointed (or active during the last year)
Probate procedures can be complex and time-consuming, but there are ways to avoid or bypass this process for certain assets in Arizona. Properties such as those held in a living trust are exempt from probate. Similarly, community property and jointly-held property with a right of survivorship do not require probate.
