If you’re an Heir of an Estate in Probate or Trust in Arizona, you need to make sure your attorney is fully aware of all new Probate Laws. If you’re looking to get a fast, affordably priced inheritance advance or probate advance – you’ll want to choose your estate advance company carefully…
Inheritance Advance Funding and “Probate Loans” in Arizona
Many heirs in Arizona prefer to get an advance on inheritance from their parents, while their parents are still living. In Arizona, people tend to be family oriented, therefore getting an advance on inheritance from ones’ parents is yet another friendly bonding experience, sharing an important event together. And if parental inheritance cash advance funding, so to speak, doesn’t work out before the parents pass on, heirs in Arizona will frequently borrow against inheritance to get inheritance advance funding, an advance inheritance, or probate advance, from a probate cash advance company instead of getting it from their parents while they were still alive – perhaps one of the faster inheritance cash advance funding companies, possibly offering a 72 hour probate cash advance, most likely what many heirs perceive as the best inheritance advance funding available – which for heirs generally means the most inexpensive inheritance advance funding available compared to other online inheritance cash advance companies.
How Can You Access Fast Inheritance Funds in Arizona?
Even though probate is a slow process, there are ways to access your Arizona inheritance funds sooner. The process is quite simple and secure with a probate cash advance. In fact, some heirs may receive their funds in less than a week. Another benefit is there are no limits on how the money can be spent.
When you apply for a probate cash advance from My Inheritance Cash, you are able to get your money right away instead of waiting for the distribution of the estate. You won’t find any hidden fees, and you aren’t obligated to make monthly payments. You also won’t be charged interest, and your credit history isn’t important. Instead of waiting for years to get your money, you may have it in days.
What Do You Need to Get a Probate Advance in Arizona?
You will need to provide proof of your inheritance with the correct documentation to get a probate advance in Arizona. You will need to give some basic information along with the amount desired. Your money could be in your bank account in less than a week.
In Which Arizona Counties Are Inheritance Advances Available?
Inheritance advance transactions are available in all 15 counties in Arizona. For heirs of Arizona estates, discounted estate cash advances, or probate advances – any type of inheritance cash advance funding – are usually available without a great deal of effort for heirs.
How Do You Know If You Qualify for an Inheritance Advance?
It doesn’t take long to find out if you qualify for an inheritance cash advance. You must be an heir to an estate in probate or in trust, in the United States, with an inheritance valued at $12,000 or more. Once you qualify and receive advance inheritance money, you can use those probate advance or inheritance cash advance funds as you see fit, in any way you wish.
Typically, the key issue for heirs is whether or not one can one get approved for inheritance advance funding from a relatively low-cost inheritance cash advance or estate advance firm – an inheritance advance service or probate cash advance company that offers affordable rates, compared to other online probate advance services, and which provides advance inheritance funds that is fast inheritance cash advance funding, as fast as you need it to be. Typically. Inheritance advance funding takes no more than a two or three days.
These are the type of questions most heirs of estates in Arizona ask themselves, prior to entering into a probate advance or inheritance advance agreement with an established inheritance advance funding company, or probate advance provider, such as My Inheritance Cash, whose inheritance cash advance transactions are carefully structured so that heirs can access inheritance money quickly, usually within a day or two – or at the most, with a 72 hour probate cash advance; before probate closes, so heirs can afford to hire their own personal estate lawyer with the funds, if that is a desired outcome; or to invest in certain immediate financial opportunities that are available only for a brief period of time; or to pay for essential medical services, to pay off debts, or to resolve a foreclosure… there is no end to the type of reasons heirs have, with which to use advance inheritance money for.
Is an Arizona Inheritance Cash Advance a Cash Assignment, or an Actual Inheritance Loan, Estate Loan, or Probate Loan? This is Often Cause for Confusion Among Heirs of Estate in Probate.
It’s worth noting that an inheritance cash advance assignment in Arizona is not actually an interest bearing loan, therefore there is no risk of recourse for non-payment. Heirs, clients of inheritance cash advance funding companies, are not personally responsible for repayment, which heirs obviously are happy with. Commonly, consumers will call inheritance cash advance assignments: inheritance loans, probate loans, estate loans, or probate advance loans; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and they do not “get a loan on inheritance.” Inheritance advance companies or probate cash advance companies do not technically provide inheritance loans, probate loans or estate loan service to clients. Their service is 100% based upon making non-interest bearing, non-recourse, inheritance cash advance assignments. Fast inheritance advance assignments. Technically not personal loans, like you receive from a bank or credit union.
Inheritance Laws in Arizona
Although many states in America categorize real property inherited from an estate, based on who owns the real property, the state of Arizona has particularly complex community laws, with respect to married couples, and separate property laws, which further complicate certain activities for married couples who live in Arizona – either married or divorced.
Does the State of Arizona Impose Inheritance Tax, or Estate Tax?
Much to the relief of residents and non residents, who own real estate in Arizona, inheritance laws in Arizona protect Arizona residents and non-residents alike, who happen to own real estate in Arizona, and do not charge real property owners inheritance or estate taxes. On the other hand, there are other taxes that must be filed, such as:
- Final individual federal/state income tax returns, due by tax day of the year after the decedent’s passing.
- Federal estate and/or trust income tax return, due by tax day of the year after the death of the decedent.
- Federal estate tax return, due nine months after the decedent’s passing, with a six-month extension available if requested in writing before the end of the nine-month deadline period.
This ruling is only for people in Arizona whose estate exceeds a gross asset and prior taxable gift value of $11,180,000.
The estate of a decedent does not inherit the decedent’s Social Security number, therefore the estate has no property identification as far as the IRS is concerned. This can be resolved by sending a request by fax or mail for an EIN (employer identification number) to represent the estate on all official tax documents.
Dying With a Will in Arizona
In Arizona, a will is considered testate if it follows all the laws to make it valid. This enables the decedent to have control over distribution of her or his real estate. If you are writing a will in Arizona, you will want to be sure to have a minimum of two witnesses watching you sign the will; and then sign the will themselves. While Arizona state law prefers that an attorney is involved with the execution of such a will, the will may be handwritten if an attorney is not available.
Choosing an executor for the estate is one of the most important components of a will, in addition to listing heirs. Unfortunately, most people chosen as executors have absolutely no experience with wills or heirs or inheritances or estates. However, this is generally the situation, there are no workshops or seminars to train executors or personal representatives in Arizona. It would however make sense to at least name an executor or personal representative who has no (financial) interest in the estate, but who has knowledge of the deceased, as well as of family members.
Dying Without a Will (Intestate) in Arizona
Intestate refers any estate without a valid will. In such a case, intestate succession laws will determine who will inherit the estate.
Given that there is no Executor of the Estate (as would be established in a testate will), the court will name a Personal Representative to manage the Estate.
Inheritance Law and Community Property in Arizona
Arizona is one of nine states that recognizes community property, meaning that any property acquired during a marriage is considered to be owned jointly. As such, property goes to the surviving spouse upon the deceased’s passing.
Assets, gifts, valuables, etc not included in community property are known as separate property, unless they are put into a joint (banking) account, in which case they are considered communal.
Inheritance Law and Separate Property in the State of Arizona
Therefore, if you are not married, every single thing you own is legally considered separate property, as far as Arizona inheritance law is concerned. However, separate property is somewhat complicated, since it’s divided into two categories – (a) separate personal property and (b) separate real property. Separate real property would be land or real estate, a house, or any other type of structure; whereas personal property would be anything else not considered separate real property.
Inheritance Law and Probate in Arizona
Any estate with personal property valued at less than $75,000, or $100,000 in real property, can bypass probate. These estate amounts are formally called “small estates”, and an executor is permitted to manage these estates, devoid of any formal court supervision.
Should the decedent’s estate be more than either of these amounts, they will most likely need to go through “formal probate”, “informal probate” or “supervised probate”. These processes are defined as follows:
- Informal probate – Will require possibly one court hearing, but very little else
- Formal probate – Would necessitate several court appearances
- Supervised probate – Will require a court and a judge supervising the entire inheritance process
Inheritance Law and Spouses in Arizona
Typically, the spouse of the deceased will inherit the entire intestate estate, so long as the couple has no children, or all children are the deceased and surviving spouse.
When the deceased had children from another relationship, the spouse will inherit half of all separate property, while the children will receive (1) half of all separate property, and (2) the deceased’s share of community property.
Inheritance Law and Children in Arizona
In Arizona, your children will inherit your entire intestate Estate if you die without a spouse. If either you or your spouse had children from another relationship, your children will receive half of your separate property, and your share (half) of community property.
In Arizona, children born in wedlock are considered to be your own. This includes children conceived during, but born after, your death.
Likewise, any child that you have legally adopted (step, foster, etc) are granted equal inheritance rights to biological children.
Grandchildren are not inherently granted inheritance rights to your intestate Estate, although they are eligible to receive their parent’s (your child’s) share of your Estate if said person pre-deceased you.
If a child is claimed to be illegitimate, paternity must be proven for intestacy inheritance rights to be valid.
Step and foster children do not hold any intestacy inheritance rights, unless they are formally adopted. Likewise, any children/persons that you formally adopted retain equitable inheritance rights as biological children.
Arizona Inheritance Law For Unmarried Persons With No Children
For those who pass away with neither a spouse nor children, your Estate will typically go to your parents and/or siblings, if you have any. If not, your Estate will escheat to the State.
Non-Probate Inheritance Law in Arizona
Assets or accounts with a named beneficiary do not require Probate. Examples include:
- IRAs, 401(k)s and other retirement savings accounts
- Joint tenancy real estate
- Pay-on-death financial accounts
- Life insurance policy payouts
- Revocable trusts
Further Inheritance Law in Arizona
An heir must survive at least 120 hours after the deceased’s passing to retain inheritance rights.
Heirs/Relatives conceived before the deceased’s death, but born after, are eligible to receive their portion of the deceased’s Estate.
Citizenship, residency, etc do not impact an heir’s right to inheritance.
In Arizona, full and half-blood relatives are considered to be equitably legitimate heirs.