Study: Most Americans Unprepared for Challenges of Probate

Most people know that probate is the legal process of settling a deceased person’s affairs and transferring their money and property to the next generation. However, many are unfamiliar with what the probate process entails and how challenging it can be.

Unfortunately, too many people only find out about the probate process when they’re in it, after a death in the family. And with up to $84 trillion set to transfer from Baby Boomers in the upcoming years, many families in Arizona and across the country may be in that situation soon.

Fortunately, you don’t have to navigate the probate process on your own. An experienced attorney can guide you forward, every step of the way.

New data shows that most Americans underestimate the probate process

According to a study conducted by Trust & Will, most Americans underestimate the time and cost of the probate process. The average probate timeline in the United States is 20 months; just 2% of survey respondents believed it would take that long.

Underestimating the cost of probate is also common: most Americans know they don’t know what to expect in terms of cost, but nearly a quarter of those who have an idea think the process will cost less than $1,000. For estates of significant size, that estimate is very low.

On the other hand, most Americans know that they will likely need help in the probate process. According to the study, 65% of respondents planned to seek the help of an attorney or other professional to navigate probate.

How the probate process works in Arizona

Every situation is different, so it’s best to consult with an attorney to understand how the probate process is likely to unfold in your situation. However, in general, the steps in the probate process in Arizona include:

• An interested party—that is, someone with a stake in the estate, usually a relative or sometimes a creditor—files a petition with the probate court.
• The court chooses a personal representative (executor). If there is a Last Will and Testament that names a personal representative, the court will usually appoint that person. If there is no will, or if the person named in the will is unable, unwilling, or unfit to serve, then the court will name someone else, guided by Arizona’s probate laws.
• If there is a will, the probate court must determine whether it is valid and legally binding.
• The personal representative manages the estate and fulfills the will, including gathering the assets, taking inventory, managing the assets until they are distributed, and notifying inheritors and creditors about the estate.
• Once all the assets have been distributed, the personal representative files a petition with the court to close the estate.

If there is a legal will that goes unchallenged, this can be a relatively smooth process, especially if there was already a plan in place for the distribution of assets.

However, in other circumstances, the court may need to closely supervise the process and/or resolve disputes, which can make the process far longer and more complicated.

How an experienced Arizona probate attorney can help

There are two main benefits to working with an experienced estate law and probate attorney. First, a lawyer who understands the process and the legal requirements can put a plan in place to make probate as smooth as possible.

This may include putting assets into a trust, joint tenancy, a transfer-on-death (TOD) account, or another vehicle that can avoid the probate process.

It also may include organizing the assets and selecting a personal representative who is already familiar with the estate to make managing it easier when the time comes.

Second, if there are disputes or other legal challenges during the probate process, an experienced attorney who knows the courts and knows Arizona law can help you navigate and overcome those challenges.

Our attorneys have extensive experience in Arizona probate law, and we can guide you and advocate for your rights every step of the way.

Probate can be a complex and time-consuming process, but it doesn’t have to be intimidating. Talk to an experienced Arizona probate attorney at The Law Firm of Brown & Jensen about your situation today.