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Probate can be a time-consuming and costly process that may exacerbate family stress during an already difficult time. While there are several ways of avoiding the process in Arizona, many people do not engage in estate planning proactively in this way.
The following are several benefits you can gain by working with an experienced legal team to avoid probate.
Keeps estate details private
The probate process is a public affair, meaning that details about your assets, debts and beneficiaries become part of the court record and accessible to anyone. By avoiding probate, you can keep your estate details private, shielding your financial affairs from public scrutiny. This confidentiality can be particularly important if you value your privacy or wish to protect sensitive information from potential creditors or nosy individuals.
Faster distribution of assets
By minimizing time spent in probate proceedings, avoiding probate allows for a quicker distribution of assets to your chosen beneficiaries. Probate can often be a lengthy process sometimes taking months or even years to resolve. However, with careful estate planning and avoidance of probate, your loved ones can receive their inheritances more promptly providing them with timely access to financial support or resources they may need. This expedited distribution can be especially beneficial in situations where beneficiaries are dependent on the estate for financial stability or assistance with ongoing expenses.
Reduces conflict
Family members can sometimes disagree or dispute the terms of a will or the distribution of assets during the probate process leading to prolonged legal battles and strained relationships. By avoiding probate and implementing clear and legally binding estate planning documents such as trusts or beneficiary designations, you can reduce the likelihood of such conflicts arising among your heirs.
Seeking legal guidance is important to help you better understand the options available for avoiding probate in Arizona and to better ensure that your estate plan is properly structured to meet your specific needs and goals. Call or contact us for your free initial consultation.
