Tribeca Lawsuit Loans is a leading provider of inheritance loans in Arizona, offering fast probate cash cash advance on an heir’s inheritance. The following article details our service and an explanation about how inheritance cash advances work.
Losing a loved one is, without a doubt, one of the most difficult experiences anyone would have to face, and the complexities of the estate process can make it even more frustrating.
Here at Tribeca Lawsuit Loans, we empathize with the struggles you face and acknowledge the urgency of receiving your inheritance without hassle.
We are dedicated to making the process as simple as possible. With our services, you can easily access the funds when you need them without the complexity of probate court procedures.
So, if you’re eager to secure a probate advance without the agony of waiting, look no further. This article will discuss the probate process in Arizona, the different methods on how to avoid it, and the benefits of inheritance funding.
What Is “Probate” and How Is It Determined?
The term “probate” refers to the legal process of proving the validity of a deceased person’s last will and testament under the supervision of the court. However, the existence of a will is not always required for probate.
In legal terms, when a person dies without a legal will, it is called dying “intestate.” This means that the Arizona Probate Code will determine the heirs and beneficiaries of the decedent’s property. The decision of whether a formal probate is necessary is based on the value of the assets owned by the decedent at the time of their death.
In addition, “probate” is the application submitted to the probate court for the appointment of a personal representative who will be in charge of administering the decedent’s estate.
Is Probate Required in Arizona?
Sometimes, misinformed individuals believe that probate is necessary in the process of transferring property. However, not all cases require probate.
What most people don’t know is that the need for it depends on the nature and value of the decedent’s estate’s assets.
Moreover, if the decedent only had personal property of modest value and cash without title transfer issues, the Arizona Probate Code allows the property to pass on to the decedent’s successors without administration, though subject to any creditors’ claims.
Furthermore, estates of small value also don’t require probate. In Arizona, transfers of title or payments can be made to those entitled to estate property if the total value of the estate’s property does not exceed $75,000.00 for personal property and $100,000.00 for real property as of the date of death.
Such transfers can be performed through filing affidavits for approval by the Probate Court Registrar. This eliminates the need for a personal representative and related costs.
What Is The Probate Process in Arizona?
Appointment of a Personal Representative
In Arizona, the probate process begins when an individual submits an application or petition along with an existing will to the probate court in order to be appointed as a personal representative.
The court will then appoint the executor named by the testator in the will unless there are conclusive reasons as to why they cannot fulfill the duties and responsibilities of the role.
Now, if the existing will does not state a personal representative or there is no will at all, then the court will refer to the state law.
Determination of the Will’s Validity
During the probate process, the court will determine the validity of the will and then proceed to issue the “letters of administration” to the appointed personal representative.
Following this step, the appointed personal representative will then assume full responsibility for the administration of the decedent’s estate.
Informing The Heirs, Beneficiaries and Creditors
The said representative will be the one to inform the heirs, beneficiaries and creditors regarding the administration of the decedent’s estate, which requires notifying them of the death within 30 days.
Additionally, the decedent’s creditors must also be notified by the personal representative in a local newspaper for a span of three weeks and must also send notices to all known creditors by mail.
In turn, creditors will be given four months from the date of the published notice to submit their claims. Known creditors, on the other hand, can submit claims within 60 days of receiving the mailed notice if the four-month deadline has expired.
How Can You Avoid Probate in Arizona?
Probate court proceedings can be complicated and take a lot of your time, not to mention they’re costly. However, it doesn’t have to be that way.
Contrary to what most people know, there are several ways to avoid the hassle of having to go through a formal probate court process. Here are some of the ways to prevent it in Arizona:
One of the ways you can avoid probate is by making a living trust. A living trust is a legal arrangement, much like a will used in estate planning and set up by someone during their lifetime.
First, you need to create a trust document where you will name someone as your successor trustee to take over after your death.
It’s noteworthy that in this arrangement, you transfer the ownership of your property to yourself as the trustee. Once all of that is settled, the terms of the trust will take control of the property, and your listed successor trustee will be able to transfer it to the beneficiaries without the need for probate.
Another way to avoid probate is by acquiring joint ownership or when an estate or property is owned by more than one person.
This type of ownership includes what we call the “right of survivorship.” This kind means that when one owner dies, there is no need for probate because the whole estate or property is automatically owned by the other surviving owner, as long as the property’s title is solely held by the surviving owner.
There are different types of joint ownership. Listed below are some forms of it in Arizona:
Community property with right of survivorship
Arizona is known to be a community property state. This means that when spouses acquire property during the marriage, the ownership of that property is automatically community property.
Unless one of the spouses takes legal steps to keep the ownership of the property separate, any property bought or acquired during marriage is owned jointly. When one spouse dies, the title to the asset will automatically pass to the surviving spouse with the right of survivorship.
This is the type of joint ownership of property where each owner has an undivided interest in the property with equal rights and obligations.
In joint tenancy, when one owner dies, the percentage or portion the deceased owns is automatically transferred to the other surviving owners without the need for probate. In Arizona, joint tenants must own equal shares of the property.
Payable-on-Death Designations for Bank Accounts
In Arizona, you have the option to add a “payable-on-death” (POD) designation to bank accounts. Payable-on-death (POD) is a legal arrangement between a bank and a client regarding the designated beneficiaries of the account when the owner of the account passes away.
This means that upon your death, your listed POD beneficiary can claim the money from your account without the need for probate court proceedings.
Transfer-on-Death (TOD) Registration for Securities
Moreover, you can register stocks and bonds in what we call a transfer-on-death (TOD) form. Most people hold brokerage accounts this way.
Once you register an account in the TOD (also called “beneficiary”) form, at the time of your death, the listed beneficiary can deal with the brokerage company regarding the transfer of the account, and they will automatically inherit it.
Transfer-on-Death Deeds for Real Estate
Similarly with securities, in Arizona, you have the option to leave real estate with transfer-on-death deeds (also called beneficiary deeds).
You can name a beneficiary, sign and record the deed, and the listed beneficiary will not have any rights to the property until the time of your death.
Essentially, it doesn’t take effect until your death, so you can easily revoke the deed or even sell the property whenever you want, so this arrangement offers a degree of flexibility.
Transfer-on-Death Registration for Vehicles
Aside from securities and real estate, Arizona also allows you to register your vehicles in the same manner. Transfer-on-death registration of vehicles allows your beneficiaries to automatically inherit the vehicle at the time of your death without going through any kind of probate court proceedings.
Simplified Probate Procedures
The state also has simplified “small estate” probate procedures where if your estate qualifies, you don’t have to do anything to avoid probate. It’s important to consult with a legal professional to check if your properties comply with the requirements.
How Can You Access Inheritance Cash Advances in Arizona?
Being able to access your inheritance money can be complicated and may take some time, but one of the ways you can access it in Arizona quickly is through a probate cash advance. Unlike a loan, it doesn’t earn any interest, and there are no monthly repayments.
Once you receive the funds, you have the freedom to utilize it in any way that you want. You may use it to address any financial problems or obligations you may have. By choosing a probate cash advance, you get to access your inheritance money in the most convenient way possible.
The Benefits of Availing A Probate Advance
There are several advantages to choosing a probate advance or inheritance funding, and one of them is the freedom it grants you.
You Can Spend The Money However You Want
You can use the money you receive from us to invest, pay the bills or use for other expenses. You can even spend it for a much-needed vacation. No one gets to decide how you spend your money but you.
You Have No Obligation To Repay
Also, with inheritance funding, you have no obligation for repayment. Unlike most traditional loans, the repayment is based only on the assets in the estate, freeing you of future financial burdens.
It is simply an advance on your inheritance. Any repayment necessary solely depends on the assets in the estate. You do not have any personal responsibility to repay fees.
It’s Not Tied To Your Financial Capacity
Another advantage of a probate advance is that it is not based on your financial capacity. This means the amount of your income, your credit scores and your employment history are not relevant during your application.
Anyone entitled to an inheritance can access the funds they need regardless of how much they earn or how much money they’ve saved in their bank account. The assessment is purely based on the estate’s value and not your financial circumstances.
Choose Tribeca Lawsuit Loans For Your Probate Advance
Finding the right probate advance provider can be a tedious process. A lot of companies out there will distract you with bells and whistles, but rarely do they come through for you when it matters.
Here at Tribeca Lawsuit Loans, we know what you need. In less than 24 hours, you will be able to access your funds if you’re successful in your application.
You also don’t have to repay us the amount since the costs for our services will automatically be deducted from your inheritance.
Choose transparency and efficiency. With Tribeca by your side, you can easily access and preserve your inheritance and secure your future.