When someone passes away, their assets are divided into probate and non-probate assets. Understanding the difference can make things much easier for families in Tucson, Arizona.
What Are Probate Assets?
Probate assets are things that must go through court before being given to heirs. The court makes sure debts and taxes are paid first.
Examples of probate assets:
- A house or land in one person’s name
- Bank accounts without a beneficiary
- Cars, jewelry, or personal belongings
- Investments with no transfer-on-death setup
Probate in Tucson can take months and may cost money in court fees. That’s why many people look for ways to avoid it.
What Are Non-Probate Assets?
Non-probate assets don’t need court approval. These are assets that already have a named owner or beneficiary.
Examples include:
- Jointly owned homes with “right of survivorship”
- Life insurance policies with a named beneficiary
- Retirement accounts (like 401k or IRA)
- Bank accounts with payable-on-death (POD) or transfer-on-death (TOD) options
- Property held in a living trust
These assets go directly to the chosen person after someone passes away.
Why Tucson Homeowners Should Know This
If you own a home in Tucson, your property might go through probate unless you plan ahead. Setting up a living trust, adding a co-owner, or using a beneficiary deed can help your family avoid delays and stress later.
Get Help From a Tucson Real Estate Expert
If you’re planning your estate or selling a probate home, it helps to have a local expert.
Ryan Comstock, a trusted Tucson Realtor, can guide you through buying, selling, or managing real estate during probate.
📞 Call Ryan Comstock: 520-261-4669
🌐 Visit: www.ryancomstock.com
📧 Email: ryancomstock@ryancomstock.com