Cryptocurrency saw a huge surge in popularity a few years ago. Celebrities were promoting it in commercials, and suddenly it seemed like everyone was investing. However, it’s still a fairly new phenomenon, so people naturally have a lot of concerns when it comes to leaving their crypto to someone else.  Our clients often ask: What happens to cryptocurrency when the owner dies? Does crypto go through probate? How do I include cryptocurrency in my estate plan? We answer these questions in detail below. How to Leave Your Cryptocurrency to Someone Else Unfortunately, you can’t just transfer ..read more

Probate is a long and costly process that places an unnecessary burden on your loved ones. If you want to avoid probate in Arizona, you’ll need more than just a will in your estate plan. Wills are always subject to probate, and that is why we often advise our clients to set up a living trust. As long as it is properly funded, a trust will avoid probate, sparing your family that financial and emotional strain. There are several other options besides a living trust if you want to avoid probate. However, they only apply to certain assets and in specific situations. We explain in more detail below ..read more

The death of a loved one is a challenging time. Unfamiliar legal terms, documents, and processes can make this time even more overwhelming. If you’ve received a notice of probate of will, or have to send them out as the executor, you may be wondering what exactly this document is. When someone receives a notice of probate of will, it means that they have an interest in the estate of someone who has died. Probate is the legal court process that oversees the final distribution of assets, and payment of liabilities for a person who has died without a Living Trust or LLC. The notice of probate let ..read more

The passing of a loved one can be a challenging and emotional time. And although there are many legal and financial matters to address after a loved one dies, it can be difficult to navigate through your grief. Understanding what happens to an estate after the death of a loved one can help make the process a little easier. Here’s what to expect.  What Happens to a Loved One’s Estate After Death? The Probate Process When someone passes away, their estate typically goes through probate. During this legal process, the court validates the decedent’s will, addresses any outstanding debts and c ..read more

In most cases, joint bank accounts are not subject to the long, expensive probate process. When one member of a joint bank account dies, ownership automatically passes to the surviving member(s).  However, there are some situations where joint bank accounts may have to go through probate. Let’s take a closer look. When Do Joint Bank Accounts Go Through Probate? When two or more people who are not married to each other have a joint bank account as “tenants in common,” the deceased member’s share of the account would be subject to probate.  After probate, their share would pass to thei ..read more

Probate is a long and costly process that can take a year or more, and it’s best to avoid it if you can. For a small estate with property valued below a certain threshold, the best way to skip the probate process is to use a small estate affidavit. In Arizona, estates with more than $75,000 in personal property and/or over $100,000 in real estate property are subject to probate. Estates of any size can avoid probate by placing the assets in a trust. But if your loved one passed away without a trust, there may still be a way to save yourself the trouble of going through probate.  What Is a ..read more

Many people believe that listing their assets and naming beneficiaries in a will is enough for their estate to avoid probate. However, wills are always required to go through probate, because the court needs to validate them.  Probate is the legal process of distributing the assets of someone who has passed away. It typically takes at least a year to complete, and it can be stressful and expensive for your loved ones, but careful preparation can allow your estate to skip the entire process.  In Arizona, any assets held solely in your name that do not have a beneficiary designation wi ..read more

If you’ve been appointed the executor of an estate or if you’re expecting an inheritance, you may be wondering just how long the probate process can take.  Unfortunately, probate is a complex process, and there are many different factors that can delay its completion. There is no definitive answer to how long probate takes in Arizona. The process can take anywhere from a few months to over a year.  The Phelps LaClair team can guide you through the probate process, and if you’re creating an estate plan, we can help your estate avoid probate altogether. We put together this guide to he ..read more

Probate is the legal process of transferring the ownership of a deceased person’s property to their heirs, and it can take a long time to complete. There are many types of assets that are automatically subject to probate unless you place them in a trust or assign beneficiary designations in a will.  At Phelps LaClair, we know exactly which assets are subject to probate and what you can do to make your estate avoid probate altogether. Let’s take a look at a few examples of probate assets, and how to turn them into non-probate assets. Four Types of Assets That Are Subject to Probate In Ari ..read more

Whether you’re planning your own estate or settling a loved one’s, it’s important to understand how probate works. At Phelps LaClair, we help Arizona families design successful estate plans and smoothly administer their loved ones’ estates. We put together this guide to formal vs. informal probate to help you understand exactly what to expect when it comes to settling an estate in Arizona.  Formal vs. Informal Probate in Arizona What Does Probate Mean? Probate is the court process of settling an estate after its owner passes away. The personal representative of the estate—either named in ..read more