Arizona Sample Letter for Closure of Estate - Expiration of Probating Claims
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How to fill out Sample Letter For Closure Of Estate - Expiration Of Probating Claims?
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FAQ
In Arizona, if a decedents estate is small enough, the law allows you to skip probate altogether and use a simplified process. This usually is reserved for smaller estates if the value is under $100,000 (for real estate) or under $75,000 (personal property).
Under Arizona Code 14-3108, you must file for probate within two years of the person's death. Be careful, however, because there are a few exceptions to this deadline. Consult with your lawyer if you have any questions.
How to Start Probate for an Estate Open the Decedent's Last Will and Testament. ... Determine Who Will be the Personal Representative. ... Compile a List of the Estate's Interested Parties. ... Take an Inventory of the Decedent's Assets. ... Calculate the Decedent's Liabilities. ... Determine if Probate is Necessary. ... Seek a Waiver of Bond.
In Arizona, the timeline for wrapping up a probate has no strict deadline for executors. Ideally, the recommended start date is around 60 days after the individual's passing and done within a reasonable timeframe.
However, there is a bright line limit in the amount of time when an estate should be closed and some form of Probate can proceed. In Arizona, a Probate case must be commenced within two years after a decedent's death. A.R.S. § 14-3108.
Decide Whether to Close Formally or Informally. A probate proceeding can be closed formally (i.e., after notice and hearing) or informally (i.e., without a hearing). An informal closing is done with the filing of a Closing Statement by the personal representative.
Assuming probate is necessary, there can be a number of consequences for not petitioning to open probate: Individually-titled assets will remain frozen in the decedent's name. The estate's assets are subject to losses. Another interested party may petition to open probate.
In summary, the typical timeline for probate in Arizona can vary greatly depending on the complexity of the estate, but it usually takes anywhere from six months to two years (or more). An experienced attorney can help guide you through this process and ensure that all legal requirements are met.
