Arizona Estate Planning Tips to Avoid Probate
Avoiding Probate in Arizona. Our AZ Estate Planning Attorney can help. Contact us today for a free, no obligation consultation.
No matter your age or current health, it’s probably a good idea to create an estate plan if you haven’t already. This is your opportunity to leave treasured possessions and financial support for the people that you love. You can also use your estate plan to endow charitable organizations, name a legal guardian for your minor children, and more. Proper planning can also help reduce the amount deducted from your estate due to taxes, fees, etc. Another advantage estate planning offers is the chance to reduce the time the estate spends in probate, or eliminate the need for probate altogether. Read on to learn more about how you can strategically plan your estate to avoid probate in Arizona.
How Much Does an Estate Have to be Worth to Go Through Probate in Arizona?
In Arizona, certain estates can bypass the probate process using a small estate affidavit. The court will excuse small estates from probate based on the value of real property, or real estate, and personal property, which is just about everything else. To qualify for a small estate affidavit, the estate must have less than $100,000 in real property and $75,000 in personal property. Estates that exceed these limits will need to be executed with the probate court’s supervision.
Validating your will and making sure your estate is distributed per its terms is one of the functions of the probate court. Whether you require using probate doesn’t depend on the existence of your will, but your estate’s size. You may want to consider using other instruments, such as trusts, to reduce your estate’s size so that your estate will meet Arizona’s small estate requirements.