Arizona families who stand to inherit property and assets from estate owners must attend a probate hearing. The administrator of the estate must send the will through probate before any beneficiaries can receive these assigned properties. The reason for this process is to determine if the estate owner owed any creditors when they died. Probate Administration in Chandler AZ begins with this process.
Identifying the Estate Owner’s Last Wishes
As the administrator reviews the will, they determine the estate owner’s last wishes. If they had specific requests for their funeral, the administrator must notify the family of these requirements. They are allowed to provide this information before the will is sent to the probate court. This prevents difficulties and issues related to what the ceased individual wanted. It could also reduce stress for families at an already difficult time.
Assigning New Ownership for Property and Assets
As the will is administrated, the beneficiaries are notified of the property or assets assigned to them. The administrator provides them with the title for real estate property or automobiles. They also provide documentation for trust funds and instructions about how these funds are used by the beneficiary.
All new property owners are responsible for fees related to title transfers and owner reassignment. If there are any discrepancies in the title information, a real estate attorney may be required to conduct a search. If the estate owner wasn’t the rightful owner, they could not transfer ownership.
Calculating Tax Implications for Beneficiaries
The probate court calculates all tax implications for the beneficiaries. These implications are identified by the total of the asset or property. The court may require an appraisal to identify an exact price for these items. All beneficiaries are required to pay these tax implications when they file their income tax for the year in which they inherited the property. The administrator provides the beneficiaries with this information as stipulated under Arizona probate laws.
Arizona families should consult an attorney if they stand to inherit property or assets. This is necessary if they choose to contest the terms of a will created by a family member. However, these families must wait until after Probate Administration in Chandler AZ to begin this process. Families that need help should visit for more information.
