When planning your estate or managing a loved one’s property in Catalina Foothills, Arizona, it’s important to understand the difference between probate and non-probate assets. Knowing how these assets work can help your family save time, money, and avoid stress later on.
What Are Probate Assets?
Probate assets are things that must go through court before being passed on to heirs. The court process ensures all debts and taxes are paid before any property is distributed.
Common probate assets include:
- Homes or land owned by one person
- Bank accounts without a listed beneficiary
- Cars, jewelry, or other personal items
- Investments without transfer-on-death (TOD) setup
In Catalina Foothills, the probate process can take several months and involve court fees. That’s why many people plan early to reduce the amount that goes through probate.
What Are Non-Probate Assets?
Non-probate assets are those that transfer directly to beneficiaries without needing court approval. These are usually assets that already have a co-owner or named beneficiary.
Examples include:
- Jointly owned homes with right of survivorship
- Life insurance with a beneficiary
- Retirement accounts like 401(k)s or IRAs
- Bank accounts with payable-on-death (POD) designations
- Property held in a living trust
These types of assets make it easier for loved ones to receive what you’ve left for them without long delays.
Why Catalina Foothills Homeowners Should Care
If you own a home in Catalina Foothills, your property may go through probate if it’s only in your name. Setting up a living trust, adding a co-owner, or creating a beneficiary deed are great ways to help your family avoid court and keep things simple.
A little planning now can make things much easier later on.
Work With a Local Catalina Foothills Real Estate Expert
If you’re selling a probate home or planning your estate, a trusted local Realtor can make a big difference.
Ryan Comstock, a reliable Catalina Foothills Realtor, helps homeowners and families navigate real estate during and after probate. With his knowledge of the local market, he can guide you through the entire process.
📞 Call Ryan Comstock: 520-261-4669
🌐 Visit: www.ryancomstock.com
📧 Email: ryancomstock@ryancomstock.com