Arizona Inheritance Loans and Probate Advance Law
Probate is a process to ensure that the property of a deceased person and their debts are handled correctly and according to the state law. It is important to understand the law in Arizona and how it pertains to estate matters and probate as well as the timeline for filing and the kind of property that must go through probate.
What are Arizona Probate Laws?
Arizona has a complex system for probate which includes three methods of probating an estate. It may be a formal probate, informal probate or supervised probate. Some estates may even be handled through simplified probate. With all the options available, you may need the help of a probate attorney in Arizona if you are the executor or administrator of an estate. They are knowledgeable about current laws and can help you determine the type of probate necessary and assist with navigating the process to avoid delays and other complications. An attorney can assist you with completing all required paperwork and meeting deadlines. You are limited on how long you can file for probate after a person’s death and you may have other notices which must be filed or other parties to be notified. You can hire an attorney to ensure the process follows the estate laws of Arizona.
What is the Probate Process in Arizona?
The process for probate in Arizona is similar to what you would find in most states. However, it is important to understand the exact process to ensure everything is handled in a timely and correct fashion. It is also critical to know which of the three types of probate is right for your situation. Informal probate is usually chosen for a simple estate with a valid will. No one is challenging the will and very little court supervision is necessary. With formal probate, any conflicts with the will must be handled by the court. In certain instances, the estate requires even more supervision by the court than normal, and this results in supervised probate.
- A petition is filed for formal probate, or an application may be filed if the estate will have informal probate. An administrator or personal representative is chosen prior to the filing.
- The representative receives papers from the court to provide to all creditors and inheritors.
- A notice is published in the local newspaper for three consecutive weeks.
- Creditors are required to make any claims against the estate within four months of the published notice.
- Once the notice has been published, the representative takes inventory of the assets from the estate and estimates their value.
- The representative pays the creditors and disperses the remaining assets as listed in the will if there is no contest.
- The estate is closed by the representative with another petition filed with the court.
You should know that the representative does not control the assets of the state or have the authority to sell anything until after probate has been completed. They do not own the property but only act as the executor.
What Property Goes Through Probate in Arizona?
It is not required that all property goes through probate in Arizona. It depends on whether the will is being contested and whether there are any claims made against the estate. With adequate estate planning, probate may be avoided. A living trust may eliminate the need for such a process because all assets are assigned to a beneficiary of the trust. Certain assets may be given to specific beneficiaries by being designated as payable-on-death. These assets include bank accounts, real estate, stocks and bonds, vehicles and others. Life insurance policies generally do not go through probate if a beneficiary is designated. Property that is held in ownership by a second person besides the deceased does not need to go through probate. For instance, real estate may be owned by both the person who is deceased and their spouse. The property would go to the spouse.
How Can You Avoid Going to Probate in Arizona?
Many people want to know how to avoid going to probate in Arizona. Probate is costly with special fees and expenses that must be paid even if there is not enough money in the estate. This means the executor or representative would have the financial obligation. It can be a complicated and lengthy process, lasting for several months or even over a year. A living trust with beneficiaries is often the better way to manage an estate.
How Can You Gain Access to Inheritance Funds in Arizona Right Away?
You may be able to gain access to funds from your inheritance without waiting for probate to be completed. It is possible to receive money from the estate in just a few days. You can spend the money any way you like with no overseer. ProbateAdvance allows you to get your inheritance now when you need it rather than waiting. You will not be charged any hidden costs or fees, and there is no interest and no repayment. You do not need to have a stellar credit history because it does not matter.
Can You Get an Inheritance Cash Advance?
If you are an heir to an estate that is in probate, you may qualify for a cash advance on the inheritance. You can use the funds to purchase a new car, to take care of home improvements or repairs or a host of other items that you want to do. It may only take just a couple of days to have the money in hand.
What Do You Need to Get a Cash Advance?
To get money from your inheritance as a probate advance, you will need to prove that you are a beneficiary. You will also need to decide how much money you want now. In less than 48 hours, you could have the cash you need.
What Areas of Arizona Qualify for an Inheritance Loan?
We provide inheritance loans for people in all cities throughout Arizona, including the following:
You can learn more about the probate laws in Arizona by reviewing the following resources: Arizona Probate Resources
Arizona Inheritance Tax Laws