Property Transfer after Death
When a loved one dies, their assets are distributed in two possible ways. Sometimes assets will be distributed without going through probate. This is the case when the deceased already has beneficiaries designated or the assets are set to transfer automatically to another person or party upon death. An example of the latter might be a life insurance policy for perhaps property held in joint tenancy. Any property or assets that are not designated to pass automatically will have to go through the probate process to decide who the legal heirs are and to complete the process to transferring all of the property.
Controlling the Distribution of Probate Assets
If a person has a valid will, this legal document directs the distribution of assets. However, if there is no will or the will does not include all of the decedent's assets, then the state laws regarding intestate succession will control the allocation. According to Arizona intestate succession laws, the distribution of the estate will be directed to whomever the "heirs at law" are determined to be at the time of the decedent's death. The spouse and children, including legally adopted children, are first in line to inherit. If the spouse also is deceased, the assets are divided equally among the children. If any or all of the children are deceased, the assets are then passed down one generational line, etc. Also, if there are no heirs and no legal will, the estate will go to the state.
When a loved one dies, their assets are distributed in two possible ways. Sometimes assets will be distributed without going through probate. This is the case when the deceased already has beneficiaries designated or the assets are set to transfer automatically to another person or party upon death. An example of the latter might be a life insurance policy for perhaps property held in joint tenancy. Any property or assets that are not designated to pass automatically will have to go through the probate process to decide who the legal heirs are and to complete the process to transferring all of the property.
Controlling the Distribution of Probate Assets
If a person has a valid will, this legal document directs the distribution of assets. However, if there is no will or the will does not include all of the decedent's assets, then the state laws regarding intestate succession will control the allocation. According to Arizona intestate succession laws, the distribution of the estate will be directed to whomever the "heirs at law" are determined to be at the time of the decedent's death. The spouse and children, including legally adopted children, are first in line to inherit. If the spouse also is deceased, the assets are divided equally among the children. If any or all of the children are deceased, the assets are then passed down one generational line, etc. Also, if there are no heirs and no legal will, the estate will go to the state.
Exceptions That Can Override The Direction Of A Will
There are several ways to override the direction of the Will or the state's succession rules. A spouse may sign a written agreement, or waiver, either before or during their marriage, giving up their rights to any inheritance provided for them under Arizona law. If there is Will, but it was executed prior to the marriage and does not provide for the surviving spouse, Arizona laws provide an entitlement to a share equal to that which would be received had the decedent died intestate, subject to exceptions. A similar provision exists for children omitted in the Will, also subject to exceptions. Arizona law also provides for an $18,000 homestead allowance, $7,000 of exempt property, and a $12,000 family allowance for the surviving spouse and children. These allowances and exemptions are in addition to statutory succession rights. Rights can also be lost in divorce or by murdering the decedent, and can be voluntarily disclaimed as well.
Other Unique Circumstances That Affect Probate
Sometimes, not all property is devised under a will or not all devises can be fulfilled. When this happens, Arizona probate law provides default rule for how such property is to be handled. Occasionally, specific property is devised to a particular person, but that heir or devisee cannot be found. When this happens, their share is to be held either in a conservatorship or a state fund, to be claimed by that person when they when are located. If property listed in a will has been sold or lost prior to the death, then there are statutory provisions to address these issues. In addition, a will also can be made with directives to cover issues such as sold or lost property and assets.
Priority of Distribution:
Before property can be distributed, any debts against the estate must be settled. The heirs or devisees cannot collect the estate until creditors have been paid. If after, the payment of debts there are not enough assets to distribute to each devisee, then the assets will be directed in a certain order. This order will be dictated by the will, but if there is no will then Arizona code applies. The order of devisees is as follows: the first is the residuary devisee, then general devisees then specific devisees. Default rules also control which property will be used to fulfill each debt.
The Final Distribution Of The Probate
After all the creditors have been paid and all charges against the estate have been known and settled, then the personal representative will send out a notice of the distribution to all interested parties. This gives them a chance to object to any distributions of assets. If there are no challenges,
There are several ways to override the direction of the Will or the state's succession rules. A spouse may sign a written agreement, or waiver, either before or during their marriage, giving up their rights to any inheritance provided for them under Arizona law. If there is Will, but it was executed prior to the marriage and does not provide for the surviving spouse, Arizona laws provide an entitlement to a share equal to that which would be received had the decedent died intestate, subject to exceptions. A similar provision exists for children omitted in the Will, also subject to exceptions. Arizona law also provides for an $18,000 homestead allowance, $7,000 of exempt property, and a $12,000 family allowance for the surviving spouse and children. These allowances and exemptions are in addition to statutory succession rights. Rights can also be lost in divorce or by murdering the decedent, and can be voluntarily disclaimed as well.
Other Unique Circumstances That Affect Probate
Sometimes, not all property is devised under a will or not all devises can be fulfilled. When this happens, Arizona probate law provides default rule for how such property is to be handled. Occasionally, specific property is devised to a particular person, but that heir or devisee cannot be found. When this happens, their share is to be held either in a conservatorship or a state fund, to be claimed by that person when they when are located. If property listed in a will has been sold or lost prior to the death, then there are statutory provisions to address these issues. In addition, a will also can be made with directives to cover issues such as sold or lost property and assets.
Priority of Distribution:
Before property can be distributed, any debts against the estate must be settled. The heirs or devisees cannot collect the estate until creditors have been paid. If after, the payment of debts there are not enough assets to distribute to each devisee, then the assets will be directed in a certain order. This order will be dictated by the will, but if there is no will then Arizona code applies. The order of devisees is as follows: the first is the residuary devisee, then general devisees then specific devisees. Default rules also control which property will be used to fulfill each debt.
The Final Distribution Of The Probate
After all the creditors have been paid and all charges against the estate have been known and settled, then the personal representative will send out a notice of the distribution to all interested parties. This gives them a chance to object to any distributions of assets. If there are no challenges,
Sometimes, not all property is devised under a will or not all devises can be fulfilled. When this happens, Arizona probate law provides default rule for how such property is to be handled. Occasionally, specific property is devised to a particular person, but that heir or devisee cannot be found. When this happens, their share is to be held either in a conservatorship or a state fund, to be claimed by that person when they when are located. If property listed in a will has been sold or lost prior to the death, then there are statutory provisions to address these issues. In addition, a will also can be made with directives to cover issues such as sold or lost property and assets.
Priority of Distribution:
Before property can be distributed, any debts against the estate must be settled. The heirs or devisees cannot collect the estate until creditors have been paid. If after, the payment of debts there are not enough assets to distribute to each devisee, then the assets will be directed in a certain order. This order will be dictated by the will, but if there is no will then Arizona code applies. The order of devisees is as follows: the first is the residuary devisee, then general devisees then specific devisees. Default rules also control which property will be used to fulfill each debt.
The Final Distribution Of The Probate
After all the creditors have been paid and all charges against the estate have been known and settled, then the personal representative will send out a notice of the distribution to all interested parties. This gives them a chance to object to any distributions of assets. If there are no challenges, then the final distributions begin and after all the estate has been distributed, then the estate will be closed.
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Priority of Distribution:
Before property can be distributed, any debts against the estate must be settled. The heirs or devisees cannot collect the estate until creditors have been paid. If after, the payment of debts there are not enough assets to distribute to each devisee, then the assets will be directed in a certain order. This order will be dictated by the will, but if there is no will then Arizona code applies. The order of devisees is as follows: the first is the residuary devisee, then general devisees then specific devisees. Default rules also control which property will be used to fulfill each debt.
The Final Distribution Of The Probate
After all the creditors have been paid and all charges against the estate have been known and settled, then the personal representative will send out a notice of the distribution to all interested parties. This gives them a chance to object to any distributions of assets. If there are no challenges, then the final distributions begin and after all the estate has been distributed, then the estate will be closed.
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