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How much does an estate have to be worth to go to probate in Arizona?

In Arizona, probate is required when an estate is worth more than $75,000. If the estate is worth less than that amount, the beneficiaries can file a Small Estate Affidavit to claim their inheritance without going through probate.

How do you avoid probate in Arizona?

Four Ways to Avoid Probate in Arizona Establish a Trust. Title Property with Rights of Survivorship. Make Accounts Payable on Death or Transfer of Death. Provisions for Small Estates.

How does a small estate affidavit work in Arizona?

What are Small Estate Affidavits? Small Estate Affidavits are used in Arizona to transfer assets from a deceased person to the heirs when the total value of the assets is below the minimum value requiring a probate.

What qualifies as a small estate in Arizona?

Under current Arizona law, small estates are defined as those in which the deceased owned less than $100,000 in real estate equity or less than $75,000 worth of personal property. For estates over this size, probate is typically required, and those estates will not be eligible for the small estate affidavit process.

Does Arizona require probate?

In the state of Arizona, probate is only required if the decedent has any assets that did not transfer automatically upon their death. These assets tend to be titled individually in the decedents name and will require a probate court to transfer the title of ownership to the intended beneficiary.

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What are non probate assets in Arizona?

Assets That Are Not Subject to Probate Some examples of non-probate assets include: Bank and brokerage accounts with a joint tenant with rights of survivorship. Bank and brokerage accounts with a payable-on-death or transfer-on-death beneficiary. Real estate owned in joint tenancy or as tenants in the entirety.

What assets do you have to declare for probate?

These will usually include: Assets Held in the Deceaseds Sole Name. The most common example of this is the deceaseds property. Investment Products. This could be an investment portfolio consisting of different assets. Life Insurance Policies. Foreign Assets. Business Assets.

What is subject to probate in Arizona?

Four Types of Assets That Are Subject to Probate In Arizona Vehicles, real estate property, and other assets held in a title solely by the decedent (deceased person) are all subject to probate under Arizona law. This includes real estate property owned by both the decedent and another individual as tenants in common.

What assets are not considered part of an estate?

Which Assets are Not Considered Probate Assets? Life insurance or 401(k) accounts where a beneficiary was named. Assets under a Living Trust. Funds, securities, or US savings bonds that are registered on transfer on death (TOD) or payable on death (POD) forms. Funds held in a pension plan.

How do I transfer property after a death in Arizona?

The Arizona beneficiary deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.

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