After a loved one passes away, you may need to go through the Arizona probate process to handle their assets and debts. This legal action can be complicated to understand, especially when going through it for the first time.
Rockpoint Probate Funding can help you understand Arizona probate law and how it works. We also can help beneficiaries receive cash advances as they wait for probate to end. Having a solid understanding of estate planning and probate in Arizona can help you make smart decisions along the way, including whether to seek a cash advance.
Understanding Probate in Arizona
Probate is a legal process that occurs after someone passes away to manage their estate, ensuring that assets and debts are appropriately handled. In Arizona, this process begins with the appointment of a personal representative who is responsible for settling the affairs of the deceased. Understanding how probate works can significantly impact the decisions heirs make during this challenging time, including their financial options and responsibilities.
Throughout the probate process, it’s essential to be aware of the legal obligations that arise. For instance, the personal representative must notify creditors, gather assets, and file necessary court documents. The complexity of these duties often requires professional assistance, making it critical for heirs to be informed about their rights and available resources to navigate the situation smoothly.
The Role of a Personal Representative
A personal representative, often known as an executor, plays a pivotal role in the probate process in Arizona. This individual, appointed by the court, is responsible for managing the deceased’s estate, ensuring that all debts and taxes are settled before distributing the remaining assets to beneficiaries. It is the executor’s duty to adhere to state laws and the wishes expressed in the will, which can sometimes lead to conflicts among heirs over the distribution of assets.
Beyond financial duties, the personal representative must also maintain accurate records and file periodic reports with the court. This level of accountability ensures transparency and builds trust among beneficiaries, but it can be overwhelming. Hence, many individuals in this role choose to seek legal counsel to aid them in fulfilling their responsibilities effectively while navigating the complexities of the legal landscape.
How Long Arizona Probate Takes
As a beneficiary of your loved one’s assets, you may expect to have access to these assets immediately. However, if your loved one’s estate ends up in probate, settling the estate can take between a few months and a few years. Complex cases can take even longer.
After your loved one dies, probate laws require the court to name a personal representative for the estate. Title 14-Chapter 3-Article 6 of Arizona state statutes sets out the requirements for the personal representative. This person handles the case as it moves through probate in Arizona. Rules the personal representative must follow include the following:
- Notifying beneficiaries within 30 days that the estate is going through probate.
- Publishing a notice in a local newspaper for at least three weeks that notifies people of the death of your loved one and that the estate is going through probate.
- Giving creditors up to four months to file any claim against the estate.
- Mailing specific notices to known creditors for the estate, who, depending on the circumstances, may have even longer to file a claim.
- Putting together a list of the assets in the estate, including the estimated value of all items.
- Paying any debts owed to creditors.
- Paying any outstanding taxes.
- Distributing any remaining assets to the heirs before closing the probate process.
When challenges occur, such as when creditors believe they deserve payments while the estate disputes these payments, the probate process likely will take a year or more.
Time for Starting Probate
Surviving family members have up to two years from the death of a loved one to start the probate process, according to Arizona Statute 14-3108.
Because of the time that probate requires, the estate’s beneficiaries may have to wait a long time to receive the estate’s assets. The cash advance service that Rockpoint Probate Funding provides can give you access to some of that money while probate is ongoing.
Costs for Going Through Probate
The probate process is not free in Arizona. The costs required depending on the complexity of the estate. They can range from a few hundred to several thousand dollars or more. The specific costs may include the following:
- Court fees: Local courts can collect fees for the filings, publication notices, and other legal obligations required for probate.
- Personal representative fees: Executor compensation is part of the cost of the Arizona probate process. The personal representative receives a fee for the time required to handle the duties that probate requires. Arizona Statute 14-3722 spells out the compensation for the executor, which usually occurs at an hourly rate.
- Legal fees: If you need to hire an attorney to handle probate for you and the estate, you’ll have to pay legal fees.
You may face additional fees, such as hiring a real estate agent or an accountant. Less complex estates will have minimal fees. Complex cases with multiple challenges often incur more significant expenses for the professional services needed to make sense of everything.
When Is Probate Not Necessary in Arizona?
Your loved one will need to have set up a plan ahead of time for estate distribution to avoid Arizona probate. This is typically the only circumstance under which probate is not necessary.
Without a living trust, the estate will end up in probate. When someone dies with a living trust, the ownership of the property transfers to the trust before the beneficiary receives it, making probate unnecessary.
Even if your loved one has a will, this document must go through probate. The court could allow the assets to pass immediately to the beneficiaries by issuing a small estate affidavit. The will would still go through probate.
What Happens If Your Loved One Dies Without a Will?
If your loved one dies without a will, the assets must pass through Arizona probate. They will go to the closest relatives, according to intestate succession laws in Arizona, which specify the following:
- If your spouse is surviving with no children, the spouse inherits everything.
- If you have surviving children but no spouse, the children inherit everything.
- If your spouse and young children are surviving, the spouse inherits everything.
If you have stepchildren or no children and no spouse surviving, the process becomes more individualized, so check the state laws to be sure.
How Rockpoint Probate Funding Helps With Cash Advances During the Arizona Probate Process
Going through probate in Arizona can involve drawn-out steps. These can be frustrating, tying your loved one’s assets up in court for a year or more.
At Rockpoint Probate Funding, we offer a practical solution. We can provide a cash advance that helps you while waiting for the probate to conclude. We offer a free appointment to discuss your situation and help you decide whether a cash advance is an option that works for you.
When determining the cash advance amount, we do not rely on credit scores or your employment history. We focus on the value of the estate. We do not tack on hidden fees, so you’ll know the exact financial terms for receiving this cash advance.
We have a track record of success in helping beneficiaries manage any cash flow problems the Arizona probate legal process can cause. You are free to spend the cash advance however you want, as we do not place any restrictions on you. For a free consultation about your situation, call Rockpoint Probate Funding today at (888) 263-8588.
