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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.
Probate is required in Arizona if the decedent (deceased person) owned any assets that did not have beneficiary designations at the time of death. Probate is also always required for wills because the will must be validated by the court. If you die without a will, your estate will still be subject to probate.
There are other strategies for avoiding Probate in Arizona: Transfer Real Estate Upon Death Via Beneficiary Deed. ... Retirement Assets Avoid Probate with Proper Beneficiary Designations. ... Bank & Investment Accounts Transfer to Loved Ones with POD/TOD Instructions. ... Vehicles Pass to Loved Ones via Beneficiary Designation. ... 5. ?
estate affidavit is a procedure available under Arizona estate law that allows heirs and beneficiaries to bypass the probate process, which can be lengthy and expensive.
What Assets Do Not Require Probate Under AZ Law? Bank Accounts With Rights of Survivorship. ... Payable-On-Death Account. ... Transfer-On-Death Account. ... Retirement Plans. ... Life Insurance Policies. ... Living Trusts.
Similarly, community property and jointly-held property with a right of survivorship do not require probate. Retirement accounts with named beneficiaries, life insurance proceeds, co-owned savings bonds, and payable-on-death bank accounts are also exempt.
Informal probate is typically used when the value of the estate is less than $75,000 and there are no disputes between the heirs. Formal probate, on the other hand, is typically used when the value of the estate exceeds $75,000 or there are disputes between heirs.