Probate with a will is an important process for those who want to ensure their property and assets are properly distributed after they pass away. By understanding the basics of probate, you can protect yourself, your family, and your estate from potential risks associated with probate. Keep reading to learn more about probate with a will.
What is Probate and Why Is It Necessary?
Probate is the court-supervised process of authenticating a deceased person’s will and administering their estate. The probate court assigns an executor to carry out this process, which involves validating the will and collecting and distributing assets according to the will’s instructions. Probate also addresses any outstanding debts, gives authority to the executor to act on behalf of the decedent, and resolves any disputes that may arise.
What’s New In 2023: Probate With a Will.
Here are some potential developments that could be relevant to probate with a will in 2023:
1. Increasing use of technology:
With the ongoing shift towards digitalization, it is likely that the use of technology in probate proceedings will continue to increase. This includes online filing of documents, electronic signatures, and remote hearings.
2. Focus on privacy:
In recent years, there has been a growing concern about privacy and data protection. As a result, probate courts are introducing new measures to protect sensitive personal information during the probate process.
3. Alternative dispute resolution:
The probate process can be lengthy and expensive, particularly when disputes arise. To reduce costs and streamline the process, it is possible that more probate courts may encourage or even require alternative dispute resolution methods such as mediation or arbitration.
4. Changes to estate tax laws:
Estate tax laws can have a significant impact on probate proceedings, particularly for high-net-worth estates. It is possible that there could be changes to these laws in the coming years, which could affect how probate attorneys advise their clients.
5. Increased use of trusts:
Trusts have become increasingly popular as a way to avoid probate and minimize estate taxes. We believe that the use of trusts will continue to grow in 2023, particularly for individuals with larger estates.
Who Carries Out a Will’s Provisions?
Probate allows a Personal Representative to distribute the testator’s assets in accordance with their will. The executor is a trusted fiduciary who acts on behalf of the deceased and fulfills their last wishes. Their responsibilities include collecting and distributing all pieces of property, ensuring creditors are paid, fulfilling tax obligations, mediating disputes, and more. Ultimately, their job is to carry out the instructions in the will to ensure that the decedent’s wishes are honored.
How Do Beneficiaries Receive Their Inheritance?
Beneficiaries are the individuals and beneficiaries designated by the testator in their will to receive assets or money from the estate. Generally, after all debts have been paid and legal requirements fulfilled, the executor will distribute any remaining assets to beneficiaries according to the testator’s wishes. This may mean sending checks out to the beneficiaries. Alternatively, it may involve arranging for physical property like real estate to be sold and directing the proceeds to be sent back to beneficiaries.
Treatment of Personal Property.
In Arizona, A.R.S. 14-3906 states that “Unless a contrary intention is indicated by the will, the distributable assets of a decedent’s estate shall be distributed in kind to the extent possible” pursuant to the provisions in that statute.
What Happens with Property That Was Left Out of a Will?
When a piece of property isn’t specifically mentioned in the will, it can become complicated in probate court. Generally, this type of property is handled as “intestate succession” meaning it is distributed according to state or federal law. The executor may need to do some additional research here and take into account where the person resided at the time of death and other liability laws that may impact how the property is passed on. In order to make sure all assets are appropriately addressed, it’s important that people review their wills on a regular basis so there are no unanswered questions when the time comes.
What Are The Potential Issues (Probate With a Will)?
There are several potential issues that can arise during the probate process, so it’s important to be prepared. These can include disputes between beneficiaries, creditors’ claims, family law issues such as an heir claiming they are entitled to a larger share of the estate, and taxes not being paid or handled properly by the executor. It is therefore vital that all necessary paperwork is completed and thoroughly reviewed prior to going to court. Additionally, having a lawyer experienced in this area assist in the process can make a huge difference when it comes to protecting yourself from any surprises during the probate process.
Let Us Help You Administer Your Probate With a Will.
We have been handling probates since 1998. If you are the named Personal Representative, we will make sure you do things properly. Otherwise, someone can challenge what you do … and you could be personally responsible for a mistake! Don’t let that happen. Call us today at 602-443-4888 so we can guide you through the process.
If you are a beneficiary, we will ensure you get what you deserve. We will advocate for you and ensure your loved one’s wishes are carried out. Call us today at 602-443-4888.
