Dealing with probate can be stressful — especially when debts are involved. If you’re handling an estate in Tucson, Arizona, understanding how to manage debts during probate is important. With the right approach, you can protect the estate and settle everything smoothly.
1. Understand What Probate Means
Probate is the legal process of handling someone’s estate after they pass away. It includes paying debts, distributing property, and closing financial accounts.
In Tucson, the probate process ensures all valid debts are paid before heirs receive their inheritance.
2. Make a List of All Debts
Start by listing every known debt. This includes:
- Credit cards
- Medical bills
- Mortgages
- Loans
- Utility bills
Check mail, emails, and financial statements to make sure you don’t miss anything. Having a full list helps you stay organized during the probate process.
3. Notify Creditors
In Arizona, creditors must be notified about the probate case. This gives them a chance to file a claim if money is owed to them.
You’ll need to send notices and publish information in a local Tucson newspaper. This step is required to make the process fair and legal.
4. Pay Debts in the Right Order
Not all debts are equal. Arizona law requires certain debts to be paid first, such as:
- Funeral expenses
- Taxes
- Secured debts (like mortgages)
After those are handled, the rest of the debts can be paid from the remaining estate funds. Paying in order helps prevent legal issues later.
5. Avoid Using Personal Money
If you’re the executor, don’t use your own money to pay the deceased person’s debts. Debts should always be paid using the estate’s funds.
Using your personal money can create confusion and financial problems. Always separate your finances from the estate.
6. Get Professional Help When Needed
Managing debts and probate paperwork can be complicated. If you’re unsure how to handle certain steps, it’s smart to work with a probate attorney or realtor who understands Tucson laws and real estate processes.
How a Tucson Realtor Can Help
If the estate includes real estate in Tucson, selling a property can help cover debts or balance the estate.
Ryan Comstock, Realtor with eXp Realty, specializes in estate and probate real estate across Tucson and nearby areas. He can guide you through selling a home, paying off debts, and managing estate assets efficiently.
📞 Phone: 520-261-4669
📧 Email: ryancomstock@ryancomstock.com
🌐 Website: www.ryancomstock.com