The Trusted Home Buyer Logo602-456-4440

4 Costs To Expect During The Probate Process In Phoenix

Martin Boonzaayer

December 5, 2019

The probate process can be costly and time-consuming. It isn’t something anyone wants to deal with, however, most people will have to deal with it at one point or another. Learn more about what to expect during the probate process in our latest post!

If you are forced to deal with the probate process, you might find yourself spending money and getting more involved with everything than you planned. While you might expect to receive money, the opposite can, in fact, be true. In some cases, the probate process can be expensive and time-consuming. In our latest post, we will discuss 4 costs to expect during the probate process in Phoenix so that you will be able to best prepare yourself!

Outstanding Debts

When someone passes away, the executor of their estate will need to find and pay all of the deceased’s outstanding debts. In most states, the executor of the estate is required to publish a notice of death in the local newspaper, alerting any creditors not known to the courts or to the executor. These creditors will have a limited amount of time to file a claim against the estate for amounts they are owed. It is only after all debts have been paid that the executor of the estate is free to distribute assets left behind by the departed.

Court Fees

If an inheritance has to go through the probate courts, there are going to be some costs. The executor has to validate the will, submit a petition, and ask the courts to review all assets, debts, and taxes owed. There will often be a number of hearings to discuss the validity of the will, do hear any objections, and to make sure assets are distributed as they should be. As such, the court will charge a number of fees while facilitating this process. These fees vary case by case and state by state. If you are dealing with a larger estate, you can expect these costs to be much higher than if you were dealing with a smaller one.

Taxes

Even after death, you can’t avoid the taxman. The executor of the estate must file any pay income taxes for the year of the decedent’s death. They must also check to see if any estate taxes need to be paid. If so, these taxes are typically due within nine months of the deceased’s passing. The property taxes for any real estate owned will need to be kept up to date in order to avoid foreclosure of the property.

Attorney Fees

The cost of a probate attorney can run up to 5% of an estate’s value. While you may not always need an attorney to represent you, in many cases, it makes the process go much more smoothly. When you hire an attorney, you can be assured that all debts, creditors, and beneficiaries will be properly taken care of.

Avoiding Probate

In order to avoid probate, an individual can either set up a trust, own property in joint tenancy with the right of survivorship or set up beneficiaries when creating the assets. This is particularly true with stocks and bank accounts. By avoiding probate in Phoenix, you will be able to avoid a number of the costs people often face.

When a property is in probate, it can be tied up for months. In addition to the costs above, if a property is in question, the executor of the estate will need to pay the taxes, insurance, and mortgage on the property to keep it from going into foreclosure.

Contact us to learn more about what to expect during the probate process in Phoenix! 866-488-9923

Explore more

July 30, 2021
How to Sell Your House Webinar With Martin Boonzaayer
Read More
July 21, 2021
How to Sell Your House in Arizona

Arizona is a hot spot for people looking to buy a house. The state has the second-highest rate of homeownership in the country, with two-thirds of homes being owner-occupied. It also ranks near the top when it comes to home price growth, so if you're considering selling your house, now may be a perfect time!  […]

Read More
June 10, 2021
When is the right time to contact a Senior Advisor?

A Guest Post From OasisAdvisor When it comes to such an important aspect in your life or the life of a senior you know and love, you want a trusted advisor to guide you every step of the way. Being proactive and planning is the best approach. We want you to know that we understand […]

Read More
June 2, 2021
Things You Can and Cannot Do When You Have an Exclusive Contract with a Real Estate Agent?

Things You Can and Cannot Do: When You Have an Exclusive Contract with a Real Estate Agent? Having an exclusive contract with a real estate agent leads to numerous benefits, some expected and perhaps even unexpected. However, when a real estate agent asks you to sign an exclusive contract with him or her, he or […]

Read More
The Trusted Home Buyer Logo
Copyright © The Trusted Home Buyer
WE BUY HOUSES IN: