When it comes to probate in Tucson, most people think about homes, vehicles, and bank accounts. But what about the assets you can’t physically touch? These are known as intangible assets, and they play a key role in many probate cases.
What Are Intangible Assets?
Intangible assets are non-physical items that still carry value. Common examples include:
- Stocks and Bonds
- Bank Accounts
- Retirement Accounts (401(k), IRAs)
- Patents or Copyrights
- Digital Assets (like cryptocurrency, online businesses, or monetized social media accounts)
- Life Insurance Policies
- Royalties or Licensing Agreements
These assets often don’t get the same attention as tangible property, but they can significantly impact the value of an estate.
How Are Intangible Assets Handled in Tucson Probate?
In Arizona, intangible assets go through probate just like physical assets—unless they’ve been properly titled or designated to bypass it. Here’s how the process typically works:
1. Identification and Valuation
The personal representative (executor) must identify all intangible assets and determine their value as of the date of death. For example, a retirement account’s balance or the fair market value of stock holdings must be reported.
2. Verification of Ownership
Documentation like account statements, contracts, or passwords may be needed to verify the deceased’s ownership of these assets.
3. Transfer to Beneficiaries
Some intangible assets, such as life insurance or retirement accounts, may have named beneficiaries and can pass directly to them without probate. Others, like brokerage accounts or digital assets, may require a court order or additional legal steps.
4. Tax Implications
Certain intangible assets may trigger tax consequences for the estate or heirs, especially with IRAs or investment accounts. It’s important to consult with a probate attorney or tax professional.
Why It Matters in Tucson Probate
Tucson’s unique mix of retirees, entrepreneurs, and digital-savvy individuals means many estates include a variety of intangible assets. These can complicate the probate process if not properly managed or documented.
Working with a knowledgeable real estate professional and legal team ensures these assets are accounted for and handled correctly.
Need Help Navigating Probate in Tucson?
As a local Realtor experienced in Tucson probate sales, I can help guide you through the process of selling estate property and connecting you with professionals to assist with the rest.
📞 Ryan Comstock
📍 Tucson Probate Realtor
📱 (520) 261-4669
🌐 www.ryancomstock.com