LEGAL
AVOIDING THE PAIN OF PROBATE
By Libby Banks, the Law Office of Libby Banks, PLLC
P
robate is a court proceeding used to settle the estate of someone who has no will. However, a person that has a will may also end up in probate court. That’s because a will doesn’t transfer a person’s assets to his or her heirs automatically – it only asks the court to appoint your executor to handle your estate and tells your executor how to distribute your estate. Probate is time consuming and expensive for a personal representative or executor. It can be an agonizing and long, drawn out procedure. But it is avoidable – with the right estate planning tools, and specifically with the Revocable Living Trust. On your death, your heirs must settle your estate, and unless you have the right plan in place, that may mean going to court to file probate. Probate can be very burdensome for the person you have chosen to take care of your affairs (called the personal representative in Arizona, but similar to the executor, as it’s named in many states). So what should you do if you want to avoid court and make things easier on those who will wrap up your estate? The best way to avoid probate is to use a Revocable Living Trust for your estate planning. A trust isn’t just for the wealthy. Everyday people who want to simplify their affairs after death can do so with a trust. In addition to avoiding
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court on your death, it can avoid court proceedings when you are alive and can no longer manage your affairs because of incapacity. In the trust, you name the person who will step in to manage your trust (your successor trustee), and when you are incapacitated, or at your death, your successor steps in to manage the trust. Another reason many want to avoid probate is that it’s a public proceeding. I didn’t realize just how public and how easy it was to get information until I asked my administrative assistant to check on a case. A few minute later he came in and said, “Since it was only $2, I went ahead and got a copy of the will. The clerk will email it to me later today.” Wow. I don’t know about you, but I don’t want people to be able to get information about my affairs that easily!
In many cases, not only is the will public, but a list of assets and the appraised amount must also be filed. If maintaining your privacy and that of your heirs is important to you, you want to avoid probate with a Revocable Living Trust.
Call us today to schedule your
FREE Estate Planning Consultation
O
ur Estate Planning in Phoenix and Scottsdale is highly customized to meet your unique family situation, assets, values, and personal goals. Our complimentary first meeting allows
you to get to know Libby, our Estate Planning attorney and talk about your unique situation and what plan will best fit your needs. Remember, when you choose Libby you are not only hiring someone to prepare your Estate Plan, you are choosing a seasoned Estate Planning attorney to guide you through this often complex process and raise questions you might not have considered. You are choosing an experienced professional to create a plan that serves your family in the way that you want and, after you are gone, a trusted advisor that your loved ones can depend on.
Come see us in our new, convenient office located just down the street at
5010 E. Shea Blvd, Suite 205 Scottsdale, AZ 85254 602.375.6752 | www.libbybanks.com | libby@libbybanks.com
If you are ready to put a proper estate plan in place – one that avoids probate and makes it easier for someone to manage your assets if you are incapacitated – give me a call at 602-375-6752 or email me at Libby@libbybanks. com. As of this writing, we are offering our free initial consultations by Zoom, FaceTime, other online options, and by phone.
THE SCOTTSDALE STANDARD • May 2020 • 13
