Spanish Speaking Probate Lawyer Phoenix AZ
If you are planning your estate and are interested in knowing about all of your legal options, then we encourage you to schedule a consultation with a Spanish speaking probate lawyer Phoenix, AZ clients recommend from Kamper Estrada. Perhaps you have educated yourself about the probate process and are adamant that this is not something you want your beneficiaries to go through. As a probate lawyer will tell you, it is possible to avoid the probate process.
Every day, a Phoenix, AZ Spanish speaking probate lawyer from Kamper Estrada meets with people about estate planning and what is best suited to their needs. We find that many people do not wish their loved ones to have to spend months of their time and large amounts of money in the probate process. If you can relate, please know that there are alternative options.
How You Can Avoid Probate:
Give Away Your Assets
Although getting rid of your assets might seem extreme, it is the easiest ways to skip the probate process. This is because if there is no assets held in the estate, there will be nothing that can be probated. This option will not be available to everyone; therefore, the alternative to this will be to put all or most of your assets into a trust.
Utilize Joint Ownerships
Whenever possible, you can add a joint owner to your bank accounts, retirement accounts, investment accounts, property titles, car titles, and more. When there is a joint owner on an asset, it can be probated. Rather, rights of survivorship laws will ensure the joint owner immediately receive the asset. A Spanish speaking probate lawyer in Phoenix, Arizona might advise you that there are drawbacks to this, including:
- If the joint owner dies before you, 50 to 100 percent of the account may be taxed.
- If the joint owner is sued or divorces, the ex spouse or a creditor may be able to seek the joint asset or account.
- The joint asset or account should be reported to the IRS.
When an asset of any kind is left to someone by right of survivorship, they can do whatever they wish with it. If this is a concern, or you want assets to go to another person, there are other options available.
It is possible to name a beneficiary on a retirement account, bank account, life insurance policy, annuity, and other similar accounts. By doing so, it will bypass probate and be given immediately to the beneficiary.
Draft a Trust
As AZ Spanish speaking probate lawyers, we frequently recommend clients to consider a trust when they have substantial assets or do not want their beneficiaries to go through the probate process. A trust can be used while your alive, in the event you are incapacitated, and after your death. A lawyer will be needed to draft your trust, and anything you do not want to be probated should be included within.
Assets That May Bypass Probate:
- Retirement accounts
- Life insurance policy
- Jointly owned property
- Jointly owned financial accounts
- Payable upon death accounts
- Assets that are held in a trust
- Assets that have been gifted
There are different rules for probate, depending on the state in which the decedent resided at the time of their death. When estates are worth less, usually no more than $40,000, they may be able to bypass the probate process all together. An Arizona Spanish speaking probate lawyer in from Kamper Estrada can help you to understand what your best options may be when it comes to planning your estate.
Call Kamper Estrada to Plan Your Will
Death is a difficult subject. However, death is inevitable, and it is a fact that when you pass, your assets will be left behind to be passed onto your loved ones. By planning ahead of time, you can ensure your family receives what you wished for. Talk with a Spanish speaking probate lawyer in Phoenix from Kamper Estrada to begin planning your will today.