Arizona Notice of Proposed Distribution

The Arizona legislature has adopted an Arizona Trust Code (ATC), which is different in a number of ways from the prior Uniform Trust Code (UTC).First and foremost, revocable or irrevocable trusts in existence on January 1, 2009 are not invalidated by the ATC.

As long as there aren't any contests to the will or objections to the executor's actions, the executor will be allowed to settle the estate at the conclusion of the four-month waiting period. That means an executor who is on top of their responsibilities could theoretically wrap up probate in as little as four months.

The new Arizona Trust Code requires the trustee to provide to the trust's beneficiaries an annual report of trust property, including trust liabilities, receipts, disbursements, a list of trust assets and, if feasible, the fair market value of the trust assets.

Filing the affidavit is a two step process. First, the affidavit is filed in the probate court in the county where the property is located, along with a certified copy of the death certificate, and the original will if there is one. Second, a certified copy of the affidavit must be recorded in the same county.

As of January 1, 2020, 34 States have enacted a version of the Uniform Trust Code (Alabama, Arizona, Arkansas, Colorado, Connecticut, Florida, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Hampshire, New Mexico, North Carolina,

The Uniform Law Commissioners approved a revised Uniform Principal and Income Act in the Summer of 1997, and the Act is currently in different stages of the adoption process in various states. It has now been adopted in Arkansas, California, Connecticut, Iowa, North Dakota, Oklahoma, Virginia and West Virginia.

Generally, personal representative (executor) compensation is based on a reasonable $25 to $50 hourly rate standard.

In most states, however, there is the option to use a small estate affidavit when the assets of the estate are under a certain dollar amount, which varies by state. An attorney is not required to file a small estate affidavit, although it may be helpful to consult with one prior to filing the small estate affidavit.

Wealth: Are laws governing trusts the same in each state? Mandel: No. Each state has its own laws and regulations, and like any business or personal matter, some states are more progressive and flexible than others. For example, state laws regarding trusts' terms vary.