There is quite a few things you should know about probate and real estate in Arizona. Here is a list of little know facts about the probate process that you should know before you even get started. Keith Krone is the founder of the Krone Team and a Certified Probate Real Estate Specialists who is available to assist you.
- You have up to two years to Petition for probate
- It can take between 9 & 18 months to close a probate case
- The person or entity responsible for representing the estate in Arizona is referred to as the personal representative (Known in other states as the executor)
- Prior to being appointed as Personal Representative Guardian or Conservator by the Clerk of The Court, You must complete a training program approved by the Arizona Supreme Court unless you are a state licensed fiduciary or a formal institute
- If a creditor files a claim against the estate after the 120 days of notice that the personal Representative has the obligation to deny the claim
- The person being appointed Personal Representative has 90 days to file, inventory and provide an appraisement of the decedent’s assets and their value as of the time of death
- THE KRONE TEAM can provide you with an accurate valuation of the real property in the estate at NO COST, and a list of competent appraiser for other items
- You need to know the difference between “In kind Distribution” and payable transfer
- You need to know how to transfer assets from the decedents name to the estate for distribution to the heirs
- The Personal Representative is entitled to receive compensation to perform the duties of the fiduciary
- You do not need an attorney to do a probate, But why in the world would you not want to use one!
- You may need to meet with a CPA to do a final tax return
- As Personal Representative you are assuming a lot of liability and need to consult with professionals that are not only experienced but sensitive to issues that may arise during the probate process
- Real estate is usually the most valuable asset in the estate, The Krone Team is experienced Realtors for more than 30 years, Certified Probate Real Estate Specialists, Senior Real estate Specialists, Certified Distressed property experts, Certified Residential Specialists, Certified Negations Specialists and members of the National Association of Realtors, Arizona Association of Realtors Western Maricopa Association of Realtors and the Arizona Fiduciaries Association.
If you do not know all the facts stated above and have many questions, please call Keith Krone at (623) 640-4250 today so you can get educated on the process of probate in Arizona.
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