How Does the Probate Process Work For Me If I Inherited Something?
As a probate lawyer Phoenix, AZ locals recommend might explain, probate is defined as a court mandated process to distribute a deceased individual’s division of assets. If you have inherited something, the probate process can work in many different ways. If a person does not leave behind a will or trust, the court will go through the process of probate. (Phoenix probate can be avoided in many cases if the person created a trust. Talk to a probate lawyer in Phoenix, AZ to learn more this and other ways to avoid probate.)
If a valid will does not exist, the court will most likely appoint a surviving family member to manage the estate that is left behind. The appointed beneficiary then has the right to retain a percentage of the estate’s monetary value as payment for their work.
Probate will include assets that are owned solely by the deceased individual. Examples include stocks, vehicles, property, etc.
The Cost of Probate
Because every estate is unique, it is hard to give a prediction on how much probate will cost or how long the process will take. The cost will vary by the size and makeup of the estate, the laws of the state in which the deceased lived, and the existence or non-existence of a will.
Before an asset is transferred to the beneficiary, it will likely have to pass through the probate process. The probate process and its distribution of the assets becomes part of the public record. If you inherit an asset in this way, your name will be associated with that item. Assets such as jointly-owned property may be exempt, but verify this with a probate lawyer Phoenix, AZ residents turn to in similar circumstances.
Assets That Are Exempt from Probate
Speaking in general terms, assets that permit an assigned beneficiary are exempt from the probate process. If in doubt, consult a probate lawyer Phoenix, AZ families trust who can review the status of a particular asset to determine if it must be included in the probate process. Some of the most common examples of assets that are usually exempt from probate include:
- Life insurance proceeds with a named beneficiary.
- Property held jointly with one or more additional owners.
- A business that is co-owned with one or more other owners.
- Retirement accounts with a named beneficiary.
- Vehicles co-owned with one or more other owners.
Contact an Estate Planning Attorney Today
You should consider contacting an estate planning attorney so that you can better understand the probate process and exactly how it will affect the assets you expect to inherit. He or she can walk you through the steps that pertain to the state that you reside in. A probate lawyer Phoenix, AZ community members appreciate can also review your own, personal estate planning options and how your heirs can avoid the probate process. An experienced probate lawyer Phoenix, AZ offers will usually provide a free initial consultation.