The death of a loved one is always a troublesome and distressing time. Dealing with the estate of the deceased is a necessary and often upsetting process and is best done using the services of a legal professional with experience in this area of the law.
In the USA the subject of wills and estates is one that is often avoided until the last minute, but it really should be dealt with well in advance of the death of the estate holder. This way, everything is set to spring into action upon their demise, and things are a lot easier to handle.
One part of the process that people try and avoid is that of probate. Probate usually comes into play when there is no will, but it may not be known to some that it can also be necessary when a will is present. In Arizona there are specific laws that need to be adhered to regards wills, probates, and the distribution of an estate.
It will be necessary to engage the services of a legal expert such as those at the Law Office of Libby Banks who deal with all areas of wills and probate. Let's have a closer look at what's involved.
What A Will Does
A will is, in simple terms, the document that states who will handle things after your death, and what property will be inherited by whom. However, in the state of Arizona a will may state who your representative will be, but this is not legally binding until a court appoints them officially. Furthermore, while you may have specified in your will who the properties you own will transfer to, they are not automatically inherited.
So, it's clear that under Arizona law, probate will be necessary even if a clear will is present. If there are complications during the probate process things can become complex, drawn-out and time consuming, so what can you do to avoid the probate process? There is something called a Revocable Living Trust which will overcome the problem of probate, so what is it and why should you consider one?
What is a Revocable Living Trust?
The Revocable Living Trust involves you putting all your title assets into a trust during your lifetime. You still have ownership and title, but rather than having them in your individual name as owner, you are in fact now a trustee.
This does not affect the way things happen in terms of you handling your finances and other affairs, but what it does do is remove the possibility of probate.
With the trust, you name a Successor Trustee who, upon your death, takes control of the trust and the assets within. He or she can then continue with payments and so forth, and legally arrange the sale or distribution of the assets as laid out in the will.
This course of action can also take place while you are still living should you become ill and incapable, thus making things easier to handle for your family.
The Revocable Living Trust is most certainly the simplest and most effective method of avoiding probate, and one that brings peace of mind to all involved that assures a smooth transition of assets after you have died.
You will need to make sure that the Revocable Living Trust applying to your assets and estate is correctly administered and financed, which is where a legal firm such as Libby Banks can help. If this is of interest to you, contact them right now and see how they can help take that weight off your mind.