What is Probate?
When a person dies, the legal title of property from their estate has to be transferred to the intended beneficiary via a will. If there is no will, then it is left to determine who is the legal heir to the estate and the property. Collectively, these processes are known as probate. Probate is a process that is designed to enable the proper transfer of the decedent’s estate to the rightful beneficiaries. This process is also used to collect any taxes due on the transfer of the property. Outstanding debts can also be settled through probate, and usually a date is set by which time creditors must file any claims that they have. The probate process takes at least seven months, and the deadline for claims from creditors is normally six months from notification of the probate. The balance of the estate or property following settlement of these debts and taxes is then distributed to the beneficiaries. The nature of probate means that if there is no estate or property to be distributed then t
Probate is the court-monitored, organized distribution of property from a deceased person to living persons. It has been incorrectly described as something else in advertising, encouraging the avoidance of probate at any cost. If you are considering probate avoidance tools, such as living trusts and joint ownership, you should also understand probate. The probate process begins when the family or friends of the deceased person contacts an attorney to determine if probate is required. The attorney will ascertain what the deceased owned and how it was titled. If the deceased person did not own any real estate in his name alone, and the other assets in his name alone have a value under $10,000 after all of the outstanding debts are subtracted, the assets may be gathered and distributed by using an affidavit. The attorney will then determine who is entitled to the deceased’s property. If there is a will, the will provides all the needed information. If there is not a will, the law of the S
Probate is a Superior Court procedure by which probate assets belonging to a decedent are collected and administered by the decedent’s personal representative and transferred by the personal representative to the beneficiaries named in the decedent’s Will. The personal representative is also responsible to pay the liabilities of the decedent from the probate assets. For a detailed explanation about Arizona probate law, see my article entitled “Arizona Probate Law – Frequently Asked Questions.
Probate is the legal process of settling the estate of a person, specifically resolving all claims and distributing the decedent’s property. When a person passes away, the legal title of property from their estate has to be transferred to the intended beneficiary via a will. If there is no will, then it is left to determine who is the legal heir to the estate and the property. Collectively, these processes are known as Probate. Probate is a process that is designed to enable the proper transfer of the decedents estate to the rightful beneficiaries. This process is also used to collect any taxes due on the transfer of the property. Outstanding debts can also be settled through Probate, and usually a date is set by which time creditors must file any claims that they have. The Probate process takes at least seven months, and the deadline for claims from creditors is normally six months from notification of the Probate. The balance of the estate or property following settlement of these de
