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A12 November 2018 • Community • www.lwca.com By Rilus M. Dana As an experienced, licensed estate planning attorney, I have seen a lot of people with no legal qualifications, give poor advice to others. Poor legal advice and inadequate estate planning can cost you and your family thousands of dollars to rectify. Here are some of the worst offenders and what you need to know. What is probate? Probate is the lengthy and costly legal process of transferring assets out of the name of a loved one who has passed away. Probate comes from a Latin word that means “to prove.” The purpose of probate is to determine who is entitled to the assets of the deceased. It is the judicial process to transfer the legal title of an asset out of the name of the deceased to the parties entitled to receive the asset from the estate. What does this mean in English? Let’s talk about my friend, Mr. Estate. Mr. Estate had a son and a daughter. During his life, he arranged to transfer his house and his car to his son and named his daughter as the beneficiary of his IRA. After Mr. Estate passed away, the children discovered that he had some stocks and bank accounts that were still in Mr. Estate’s name with no beneficiary designation. How do Mr. Estate’s children collect the money in accounts? The answer depends on a few key facts, but the value of the accounts will determine the exact process. For personal property like bank accounts and stock, the magic number in Arizona is $75,000. There is a summary procedure to collect assets that total less than $75,000 rather than a full probate. For real property, the number is a little higher at $100,000. If the house or real property has more than $100k of equity, a probate is required to be filed through the courts. If the real property is worth less than $100k, it can be collected by a summary procedure through the courts, but only after a six-month waiting period. Is probate unavoidable? With proper planning such as a trust, probate can be avoided and is not usually required in Arizona. However, in some Midwestern states, probate may be required, but it is not as comprehensive as the process in Southwestern states. Is a will enough to avoid probate? A Last Will and Testament does not actually transfer the title of your assets into anyone else’s name, which is why a will is not enough to avoid probate. If there is a Last Will and Testament, this helps to determine the beneficiaries and which asset was meant for each. The will is submitted to the probate court and the process continues from there. If there is not a will, then Uncle Sam has given us a set of default laws to determine who receives your assets after you are gone. As for Mr. Estate, his real property and personal property were discussed above. But we have not yet considered the value of his tool collection that he wanted to give to his son or the jewelry from the late Mrs. Estate that he wanted to give to his daughter. Because the transfer of personal property was in his will, the court is not needed to handle these transfers, unless there is a dispute. If there is a dispute, then probate court will handle these claims determine who gets what. Should you plan? Now that we know what probate is, we can better plan to avoid it. But not all plans are created equal. To avoid probate, you simply need to make sure that all of your assets will transfer upon your death. The best way to do this is with a Recovcable Trust prepared by a licensed attorney. Only a licensed attorney can give you the personal estate planning advice you need to know to create and fund the right plan for you and your family. Although it may seem cheaper to avoid getting advice from an attorney, it usually ends up costing by far more in the end. To learn the best way for your family to avoid probate, visit www.danalegalhelp.com or call 480-924-4424 to schedule a free Personal Family Legal Session. Our attorneys at Dana and Associates can help you review or create a plan, giving you invaluable peace of mind knowing your family will be taken care of. -Rilus M. Dana, J.D., is a managing partner Dana and Associates, LLC. Shine Valley Screen & Awning Free Estimates 480-612-1012 Bonded & Insured License ROC#274491 • Sun Screens • Patio & Screen Rooms • Security/Screen Doors • Retractable Awnings • Patio Roll Curtains • Window Awnings • Rain Gutters • Aluminum Pergolas • Windows & Doors www.supershuttle.com SHE DIDN’T WANT A FUNERAL. She wanted a BUNCO Party. If you want a farewell done well, call Hilary. S SHE DIDN’T WANT SHE DIDN’T WANT A FUNERAL If you want a farewell done well, Call Hilary. SHE DIDN’T WANT A FUNERAL. If you want a farewell done well, call Hilary. SHE DI A FUNERAL. She wanted a BINGO Party. 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