Closing Statement of Personal Representative - Summary Administration - Arizona: A Closing Statement is signed by the Adminstrator of an estate, upon completion of his/her services. It lists all of the estate property and how the administrator decided to divide the assets between all heirs. It is available for download in both Word and Rich Text formats.
Tempe, Arizona Closing Statement of Personal Representative — Summary Administration is a legal document that finalizes the administration of an estate in a simplified manner. It outlines the key details and actions taken by the personal representative throughout the process. This closing statement provides a comprehensive summary of the estate's assets, liabilities, distributions, and other important information. In Tempe, Arizona, there are two types of Closing Statements of Personal Representative — Summary Administration based on the value of the estate: 1. Small Estate Closing Statement: This type of closing statement is used when the estate's total value is less than $75,000. It is a streamlined process that allows for a quicker distribution of assets to the beneficiaries. The personal representative is required to file this statement with the court as part of the estate closing process. 2. Summary Administration Closing Statement: This closing statement is utilized when the estate's value is between $75,000 and $100,000. It involves a slightly more formal process compared to the Small Estate Closing Statement. It requires a more detailed summary of the estate's administration and is filed with the court to conclude the estate proceedings. The Tempe, Arizona Closing Statement of Personal Representative — Summary Administration includes the following key sections: 1. Introduction: This section provides an overview of the document and identifies the personal representative who is responsible for administering the estate. 2. Estate Information: It includes details about the estate, such as the decedent's name, the date and place of death, and the case number assigned by the court. 3. Asset Inventory: This section outlines all the assets owned by the deceased, including real estate, bank accounts, investments, personal property, and any other relevant details. It provides a comprehensive summary of the estate's value. 4. Liabilities and Expenses: This part lists all debts, obligations, and expenses associated with the estate, such as funeral expenses, outstanding loans, taxes, and administrative costs. 5. Distribution of Assets: The closing statement describes how the assets will be distributed to the beneficiaries or heirs as per the decedent's wishes or based on the laws of intestate succession if there is no valid will. 6. Payment of Fees and Taxes: It includes any fees owed to the personal representative or attorney involved in the estate administration, as well as any outstanding taxes that need to be settled before the distribution of assets. 7. Signatures and Notarization: The closing statement requires the personal representative's signature, along with a notary acknowledgment to ensure its authenticity and legality. The Tempe, Arizona Closing Statement of Personal Representative — Summary Administration is an essential document that provides a comprehensive overview of the estate's administration process. It strives to ensure transparency and clarity in distributing the assets and finalizing the estate's affairs.
