By Libby Banks, The Law Office of Libby Banks, PLLC
You’ve probably been told by friends or advisors to avoid probate at all costs. Probate is the court proceeding filed in order to appoint an executor – called a personal representative in Arizona – to be able to access a deceased person’s bank accounts and assets and settle their estate. You will likely have to file probate if your deceased loved one has no Will. However, the estate of a person that has only a Will is also very likely to end up in probate court. That’s because a Will doesn’t enable the personal representative named in the Will to act for them. The court still has to formally appoint your personal representative before they can begin to work on settling the estate. The Will is just directions to the court on what you want the court to order as to your estate.
Another reason to avoid probate is that it’s a public proceeding. I can call and for just a few dollars have a copy of your Will by the end of the day. I can go look at the court file and get a list of the people who are included – with their addresses. In many cases, a list of assets must also be filed. Wow. I don’t know about you, but I don’t want people to be able to get information about my affairs that easily!
Another aspect of the public nature of probate are the predators actively looking at case files and approaching the family. One client recently said they had numerous letters from people wanting to buy her deceased mother’s house, and that one real estate agent actually came knocking on the door when they didn’t respond to his calls.
If privacy is important to you, then you want to avoid probate by using a Revocable Living Trust for your planning. The Trust avoids probate. Your named successor trustee does not have to be appointed by the court. The Trustee is able to access the accounts and property owned in the trust right away. The Trust is private too, there is no need to file anything with the court if it is put together properly.
On your death, your heirs will need to settle your estate, and unless you have the right plan in place, you may be placing a heavy burden on them. The best way to make it less burdensome is to use a Revocable Living Trust for your estate planning. A trust isn’t just for the wealthy. Everyday people who want to make sure their affairs are in order after death can easily do so with a trust.
If you are ready to put a proper estate plan in place – one that avoids probate and makes it easier for someone to manage your assets if you are incapacitated – give our office a call at 602-375-6752, and book an initial consult with me or our other attorney, Allison Gloss.
