When a loved one passes away, their property and finances are divided into probate and non-probate assets. Understanding the difference can help families in Marana, Arizona save time, money, and stress.
What Are Probate Assets?
Probate assets are those that must go through court before being given to heirs. The probate process makes sure debts and taxes are paid first.
Examples of probate assets:
- A home or land owned by one person
- Bank accounts without a named beneficiary
- Cars or personal belongings
- Investments without a transfer-on-death setup
In Marana, the probate process can take several months, so many families plan early to reduce court involvement.
What Are Non-Probate Assets?
Non-probate assets don’t need to go through court. These are assets that already have a named co-owner or beneficiary.
Examples of non-probate assets:
- Jointly owned homes with right of survivorship
- Life insurance with a listed beneficiary
- Retirement accounts like 401(k) or IRA
- Bank accounts with payable-on-death (POD) setup
- Assets in a living trust
These assets transfer directly to the chosen person after death, making the process much faster and easier.
Why Marana Homeowners Should Know This
If you own property in Marana, it’s important to plan ahead. Without proper planning, your home might go through probate. Setting up a living trust, adding a co-owner, or creating a beneficiary deed can help your family avoid delays later on.
Work With a Local Marana Real Estate Expert
If you’re selling a probate property or planning your estate, having a local expert can make the process smoother.
Ryan Comstock, a trusted Marana Realtor, helps families navigate buying, selling, and managing properties during probate. He can guide you through every step with care and local market expertise.
📞 Call Ryan Comstock: 520-261-4669
🌐 Visit: www.ryancomstock.com
📧 Email: ryancomstock@ryancomstock.com