Avoiding Probate Court by Beneficiary deed
Arizona Real Estate and avoiding probate court. Is there a standard if only one property involved? Do I Need to Probate One Piece of Real Estate In Arizona? It depends. Some people have a beneficiary deed in place. This keeps the property out of probate.
The beneficiary deed must be recorded before the owner dies. This will make the difference between having to go to probate court and not.
Joint Tenancy With Right Of Survivorship
What if a husband and wife record the property? There are many ways for them to take title in Arizona. One, affords definite rights if one spouse dies. It is the “Joint Tenancy With Right Of Survivorship”. This instrument keeps the property out of probate. This does not mean that the rest of the estate will be avoiding probate court. That depends on the estate. The estate planning and maintenance of those documents are what has that kind of power.
Avoiding Probate Court – Small Estate Affidavit
Another way that some estates are able to avoiding probate court is by utilizing a Small Estate Affidavit. There are strict requirements that dictate the use of this method. The subject property does not have a value higher than $100,000. The value of the property is set by a specific formula. The Value of the property in county records minus any liens or loans. Then, if the remaining amount is less than $100,000 the Small Estate Affidavit can usually do the job. There are additional requirements as well. Review the document link below for more details.
You can download a copy of the Small Estate Affidavit here. Once complete, filed, and recorded the property can be transferred into another name. The property value amounts subject to the Small Estate Affidavit date. Check with your attorney to verify the current allowed net value.
For more clarifications about probate terms you can visit the Attorney Explains section of our website.