In response to recent COVID-19 concerns, we would like to assure our clients that we are taking precautions.
Probate Attorney Serving Chandler & Phoenix
In probate and estate administration, the term “probate” refers to a type of court proceeding that involves a fiduciary who stands in the place of a deceased person. The goal of this fiduciary is to assemble the assets of the deceased to pay potential creditors and then distribute the balance to the beneficiaries. There is a lot that goes into the probate process and it is important that you don’t approach this process alone. Scheduling a consultation with an experienced probate attorney will go a long way in relieving stress and making sure you have a plan for managing your loved one’s probate process.
If you need help with your probate case, then our legal team is ready to help. When working with our law firm, you will have an experienced legal team who have over 80+ years of combined probate and estate planning experience. Our team takes pride in taking the stress off of your shoulders and putting it on ours. We offer free consultations to help you determine what your next steps need to be.
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When Is The Probate Process Beneficial?
The probate process has its pros and cons. Probate can be advantageous when the deceased has a lot of debt. The debt that would be discharged would be debt that is questionable or has not been properly validated as a claim against the estate. Because these processes can be complex, the example below should help give an idea of how the probate process can be beneficial:
- Example: Suppose there is a singular probate asset which is worth $290,000. Also, there is a bill from the hospital where the deceased spent one day, and that hospital bill is $300,000. If the hospital is paid, the widow will be left with nothing. In the probate process, the hospital will have to turn that bill into a valid claim against the estate. If they are unable to do so, then the claim can be denied and the widow would receive the entire $290,000 instead of the hospital receiving it.
In the example above, even if the hospital is able to turn that bill into a valid claim against the estate, then our firm would adjust our strategy to make sure the widow receives a piece of that $290,000 rather than the hospital taking the entire sum for the bill. There is not one strategy that works for every probate case, and it is important to have an attorney that has extensive experience in seeing many different scenarios play out. The experience will translate into a custom strategy for you and your loved one’s probate process.
What Assets Can Avoid The Probate Process?
It is important to know that there are some assets that can bypass the probate process. The assets that can bypass the probate process are only items that do not automatically transfer to the designated beneficiaries through contract or as a matter of law. Some examples of items that bypass the probate process are:
- Life Insurance
- IRA Accounts
- Pay on Death Accounts
- Beneficiary Deeds
- A house held as Joint Tenants with Right of Survivorship, Community Property with Right of Survivorship, or with a validly recorded Beneficiary Deed.
There are many nuances that need to be considered when going through the probate process. Our law firm offers free consultations to help you get a better idea of the steps you need to take for your loved one’s probate process.
Nothing but calming, compassionate, informative, and helpful through the probate process. We are now updating our estate plan and continue to receive their attentiveness and professionalism.
Golden Rule gave us excellent service for an excellent price. Mr. Decker and Justin were knowledgeable and friendly and I'm very glad we went to them.
These lawyers live by the motto of their firm. Their kindness and generosity of spirit gives lawyers the good name that all should strive for.
Attorneys Woods & Decker were professional and compassionate. We were grateful for their quick response and ability to meet with us on short notice. They listened carefully and provided us with sound counsel. We highly recommend their services!
Contact An Experienced Probate Attorney
At the Golden Rule Law Group®, our team is dedicated to helping and representing you. You will have an experienced legal team who have over 80+ years of combined probate and estate planning experience. Our team takes pride in taking the stress off of your shoulders and putting it on ours.
Our firm primarily serves the areas of Chandler, Gilbert, Phoenix and other areas around Maricopa County. If you are in need of an experienced probate attorney in Arizona, please contact us today to schedule your free case evaluation.
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601 N Alma School Rd, Chandler, AZ 85224
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In response to recent COVID-19 concerns, we would like to assure our clients that we are taking precautions. From time to time, we may still need to limit in-person appointments with our clients, including prospective clients, to telephone, video-conference, email, and mail in order to better protect everyone’s health and limit possible exposure to COVID. Please contact our office if you have any questions regarding in-person appointments.