Additionally, there are many types of Arizona assets that aren’t required to go through probate. The ownership of all these assets will automatically transfer to their new owners with no scrutiny from the Arizona probate court. So again we ask, is Arizona probate necessary in all cases? These assets that are not required to be subject to Arizona probate are listed below:

• Living Trust Assets: Any assets held in a living trust will not be included in the probate estate.
• Property Held In Joint Tenancy: Any property held in joint tenancy such as a home, a bank account, or other asset held in joint tenancy will not be included in the probate estate. The surviving owner of this property will becomes the sole owner.
• Community Property With Right Of Survivorship: Arizona is a community property state and when property is purchased in Arizona, a married couple can add a right of survivorship to any community property. Any and all property that is held with a right of survivorship, will pass to the surviving spouse and this will happen outside of the probate court. If property is purchased as sole and separate, then the property will be treated as Arizona probate real estate and will be subject to oversight by the Arizona probate court.
• Payable-On-Death Bank Accounts: The funds subject to a payable-on-death account pass to the payable-on-death beneficiary upon the death of the original account holder.
• Assets Registered In Transfer-On-Death Form: The State of Arizona allows the owner of certain assets to name a transfer-on-death beneficiary; these assets include securities and vehicles. Assets registered with the transfer-on-death form will pass directly to the named beneficiary without probate court oversight.
• Real Estate Transferred By A Transfer-On-Death Deed: Also in the State of Arizona, a real estate owner can execute and record a transfer-on-death deed that will trigger the ownership of the property to transfer directly to the transfer-on-death beneficiaries, without oversight by Arizona probate courts.
• Contracts: When contractual agreements such as life insurance policies or annuities specify a specific beneficiary is or specific beneficiaries are to receive proceeds upon the death of the donor party, the proceeds are not required to pass through Arizona probate.
• Retirement Accounts: As long as the account holder of a retirement account has designated a beneficiary, the retirement account funds will not be required to pass through Arizona probate.

If you are asking the question is Arizona probate necessary, we would encourage you to consult an Arizona probate attorney. The information on this page is not guaranteed to be completely accurate as Arizona probate laws are subject to change.

The post Is Arizona Probate Necessary first appeared on Arizona Probate Real Estate.

We blogged on this Arizona probate procedure rule back in November 2012 and wanted to inform you that it has since gone in effect.

We are a group of licensed Arizona real estate agents and brokers focusing on Arizona probate real estate so contact us if you have Arizona probate real estate. Contact our team of Arizona real estate probate specialists today.

The post Arizona Probate Procedure Rule 11 in Effect first appeared on Arizona Probate Real Estate.

We would like to address three common misunderstandings about Arizona probate and they are as follows:

• Arizona probate is typically costly
• The Arizona probate process is slow and as a result, family assets are often “tied up” for an unnecessarily long duration of time
• Arizona probate comes with severe tax implications

In addressing the first point, comparatively speaking Arizona probate was much more expensive than living trusts and wills because fees associated with the Arizona probate process were a percentage of the total value of the estate assets. However, now that Arizona legal fees are typically not percentage based, costs associated with the Arizona probate process seem to be much more closely aligned with trusts and wills.

To address the second point, the Arizona probate process can be fairly expeditious and as a result, the distribution of assets which many may think is the slowest part of the probate process, can be handled as quickly or more quickly than a living trust. There will be circumstances in some cases, where the courts deem it necessary to closely supervise certain steps in the Arizona trust or will process which will not be any different than Arizona probate.

To address the final point about taxes, it is our understanding that Arizona probate estates and estates which are held in living trusts are taxed at the same rates and offer the same tax exemptions so there are no real tax advantages based on that understanding.

All of the points made in this post should be addressed and of course verified with your Arizona probate attorney and CPA. We are a team of Arizona probate real estate agents and brokers and our expertise lies only in our ability to list, market and sell your Arizona probate real estate.

Contact our team of Arizona real estate probate specialists today.

The post Three Myths about the Arizona Probate Process first appeared on Arizona Probate Real Estate.

A. Upon timely written motion OR ON THE COURT’S OWN MOTION, a judicial officer may allow telephonic appearance OR APPEARANCE BY ANY APPROVED ELECTRONIC MEANS during any proceeding. In the event more than one participant has requested telephonic OR ELECTRONIC appearance, the first party requesting telephonic appearance shall arrange at his or her expense for the call or conference call, unless the court orders otherwise.

B. Unless a shorter time is authorized by the judicial officer, a motion to allow telephonic testimony or argument VIA TELEPHONIC OR OTHER APPROVED ELECTRONIC MEANS shall be filed at least 30 days before the hearing, unless the notice setting the hearing provides for fewer than 30 days’ notice, in which case the request shall be filed within five days after receipt of the notice setting the hearing. The motion shall be served on all parties and on any person who has filed a demand for notice and shall be accompanied by a form of order.

C. A party opposing a motion for telephonic OR ELECTRONIC appearance or telephonic OR ELECTRONIC testimony shall file a written response within five days after service of the motion.

D. Telephonic OR ELECTRONIC appearances and testimony shall be of such quality that the voices of all parties and counsel are audible to each participant, the judicial officer, and, where applicable, the certified reporter or electronic recording device.

A formal copy of the PETITION TO AMEND RULE 11 OF ARIZONA RULES OF PROBATE PROCEDURE may be downloaded from the Supreme Court of Arizona website.

We are a team of Phoenix Arizona realtors specializing in assisting clients list, market and sell their Arizona probate real estate. Contact our team of Arizona real estate probate specialists today.

The post Upcoming Amendment to Rule 11 of Arizona Rules of Probate Procedure first appeared on Arizona Probate Real Estate.