This article originally appeared on AZCentral.com – Please access the original article by clicking HERE.
Staying out of probate court can save you thousands of dollars, time and frustration.
In Maricopa County, there are about 22,000 probate cases a year, and the caseload has steadily increased in recent years.
The term “probate” refers to the establishment or validity of a will, but probate court in Maricopa County handles guardianship and conservatorship cases as well as formal and informal disputes over wills and adult adoption.
Here are some tips from Candice Lapin, who has researched probate issues for Legalzoom. She recommends:
- Write a living trust: A living trust is merely an alternative to a last will. But unlike a will, which merely distributes your assets upon death, a living trust places your assets and property “in trust,” which is then managed by a trustee for the benefit of your beneficiaries. It allows you to avoid probate entirely because the property and assets are already distributed to the trust.
- Name beneficiaries on your retirement and bank accounts: By filling out paperwork on these forms, a person ensures that proceeds are dispersed at death without having to pass through probate.
- Create joint tenancy with a right of survivorship: Another way to keep your real estate out of probate is to consider holding your property jointly.
Curtis Chipman, an attorney at Udall Shumway in Mesa, said residents can avoid probate court by obtaining a durable power of attorney when all of the people involved still have their mental faculties.
Although it may cost a few hundred dollars in legal fees for a durable power of attorney or a few thousand dollars to create a trust, the legal expense typically is far less than what someone would have to pay in probate court, Chipman said.
