Arizona estate owners could achieve more comprehensive protection for their property through administration services. The services include the creation of documents and authorities that prevent others from taking advantage of the estate owner. This includes their beneficiaries as well as past creditors. Probate and estate administration services in Gilbert, AZ, present them with careful strategies to reduce negative occurrences.
Reducing the Impact of Probate
The probate process allows creditors to file a claim against the estate. The court must verify the validity of these debts and ensure that the creditors haven’t acquired payment previously. After all balances are paid, the administrator schedules a meeting with the beneficiary to transfer ownership as directed. Any inheritance taxes required must be selected according to local and federal laws.
Decreasing Known Tax Implications
Viable opportunities for decreasing the known tax implications are achieved through a reduction in value. The estate owner may reduce the total value of their estate by transferring ownership at an earlier time. For example, they could sign over key properties to their beneficiaries or place them in a foundation.
If they set up a foundation, the assets are transferred into the name of the foundation. They are no longer property of the estate owner. This doesn’t mean the owner cannot use the properties while they are alive. Typically, a beneficiary is named owner of the foundation when it is created.
Creating a Will
A will allows the estate owner to assign ownership of assets to beneficiaries. They have the right to assign provisions to prevent beneficiaries from using the property or assets recklessly. For example, they can set up provisions to limit the total disbursement of funds to a child.
Arizona estate owners designate new owners for their property through planning and administration services. These plans allow the estate owner to reduce the tax implications for their beneficiaries. They also decrease the time the will spends in probate. Owners who need probate and estate administration services in Gilbert, AZ, should contact the law firm of Janet R. Feeley, L.L.C. or visit the website for further details.