Personal Belongings With Examples In Maricopa
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Any time someone dies with more than $100,000 in real property or $75,000 in personal property, their estate must go through probate ing to Arizona probate law. Even if the person has a will, the court must still decide whether or not the will is valid.
Here are the qualifications: Estate value limit for personal property: To qualify for a small estate affidavit for personal property in Arizona, the total value of the deceased's personal property must not exceed $75,000. This includes bank accounts, stocks, bonds, vehicles and other personal assets such as jewelry.
Further, the probate process can take anywhere between several months to several years. If the estate in question is eligible, a small estate affidavit can help a family skip through this entire process. Ideally, a small estate affidavit can get approved in just a few days, or a few weeks at most.
Ing to Arizona Revised Statute 14-3971, there are two types of small estate affidavits—one for the “collection of personal property” and one for “succession to real estate property.” Both types must describe the petitioner's relationship with the decedent (the owner of the estate), and why the petitioner is ...
For property tax purposes in Arizona, personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.
Filing the small estate affidavit involves a two-step process. The first step is to file the affidavit with the county probate court. For purposes of the affidavit, the county of filing is the county where the property is physically located.
However, small estate affidavits are meant to offer a simple alternative to probate, and many people may use them to claim property quickly and easily without having to involve a probate lawyer.
This exemption amount is determined annually by the Arizona Department of Revenue per A.R.S. § 42-11127(C). Note: the Statutory Exemption is $248,691 in 2024.
Manufactured housing (commonly known as a mobile home) is a type of prefabricated housing that is largely assembled in factories on a permanently attached chassis before transported to a site.