The Law Office of Libby Banks, PLLC, is helping clients in Arizona protect their estate and prevent their heirs from having to go through probate following their death.
The probate process is the court proceeding that allows someone to transfer the assets of a deceased person’s estate. Many assume that probate is only required if the estate owner dies without a will in place. Unfortunately, this is far from the truth as a will merely states who should receive those assets and does not transfer them automatically to the heirs. In Arizona, the size of the estate also plays a role as a small one can be settled without filing anything in court while larger estates will require a probate proceeding.
There are many steps involved in a probate proceeding including locating the original copy of the current will, ensuring the personal representative takes the required online training, filing the paperwork on behalf of the personal representative and giving notices to other heirs, obtaining permission to pay a support allowance to the family if needed, and preparing an inventory and obtaining appraisals of estate assets including brokerage and bank accounts, real estate, mobile homes, automobiles, other vehicles, furniture, art, jewelry, and other possessions.
Further steps include reviewing any creditor claims that have been filed and either approving or opposing them, petitioning the court for approval to sell real property or performing other duties, preparing detailed final accounting deemed acceptable by the court and sending copies to all beneficiaries, filing the plan of distribution with the court, preparing the report of final distribution, and finally petitioning the court for discharge of the personal representative.
Estate planning attorney Libby Banks, considered by many to be the best probate lawyer Phoenix has to offer, says, “As you can see, there is a litany of steps you have to take to go through the probate process regardless of whether the will was already created, and all the heirs are happy with the distribution of assets. To avoid the extremely detailed and time-consuming court proceedings, we recommend that our clients establish a Revocable Living Trust. Then, when the estate owner dies, the successor trustee can settle your estate at minimal expense and without going through the entire probate process.”
For a person with an estate plan structured around a Revocable Living Trust, no court proceedings should be necessary as long as all of the deceased person’s property is titled in the trust. For a trust with no tax issues, Libby and her team only need to spend a few hours with the successor trustee to review the terms of the trust and the necessary next steps. Larger, more complicated estates may require additional work to appraise property, file the appropriate tax returns, and fund trusts created for the beneficiaries.
Libby Banks has received tremendous support from local Arizona residents for her services which is readily apparent in her Google Business Profile’s near-flawless overall rating of 4.9 out of 5.0 from nearly 20 reviews. Clients thank Libby Banks and her team for their relevant and timely advice, responsive communications, and stress-free work completion.
One review says, “Travis Meyers at the Law Office of Libby Banks is amazing. When my husband lost his mom, we had to go through probate and Travis helped us every step of the way to understand the process and also to handle some estate issues that came up with family. He helped us keep our cool and advised us how to handle everything. We HIGHLY recommend speaking with him for Estate planning. We will recommend him to everyone we know!”
Another client writes, “My husband and I met with Libby to re-do our will and trust recently. She was so pleasant to work with and completed documents in a timely manner. Her entire office staff was welcoming and professional. I have recommended her to several friends and they have all thanked me for the great referral.”
For more information about The Law Office of Libby Banks, PLLC, contact the company here:
The Law Office of Libby Banks, PLLC
5010 E Shea Blvd #205, Scottsdale, AZ 85254