Detailed Answer
Under Arizona law, a small estate affidavit streamlines asset distribution when a decedent’s non-exempt personal property totals $75,000 or less. This process avoids formal probate and speeds transfers. Key statutes include ARS §14-3971 (eligibility) and ARS §14-3973 (affidavit form). Follow these steps to complete the process:
1. Determine Eligibility
Inventory all personal property except exempt items (household goods, one motor vehicle, burial plots). Total values of remaining assets must not exceed $75,000 (ARS §14-3971).
2. Complete the Affidavit
Use the statutory form prescribed in ARS §14-3973. Include the decedent’s name, date of death, heir names, itemized asset list with values, and a statement that no formal probate is pending. All heirs aged 18 and over must sign.
3. Obtain Heirs’ Consent
Every distributee entitled to share in the estate must consent in writing. If any heir objects, the small estate affidavit cannot be used, and formal probate may be required.
4. Present the Affidavit to Property Holders
Submit the original affidavit and certified death certificate to banks, title companies, or other institutions holding the decedent’s assets. Institutions may have their own intake procedures, so confirm their requirements in advance.
5. Distribute Assets
After release, distribute assets according to the decedent’s will or, if none exists, under Arizona’s intestacy rules (ARS §14-2103). Maintain detailed records of all transfers.
Timeline and Creditor Considerations
- Arizona law imposes no mandatory waiting period before asset distribution via a small estate affidavit.
- Creditors may file claims within 60 days of knowing of the death (ARS §14-3801). Reserving a portion of the estate for valid claims can reduce liability.
Helpful Hints
- Verify asset values with recent statements or appraisals.
- Gather multiple certified death certificates—many institutions require their own copy.
- Keep originals of signed affidavits and consents in a secure location.
- If the estate value nears $75,000 or if disputes arise, consult an attorney.
- Remember: real property generally cannot transfer through a small estate affidavit.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed attorney in Arizona to address your specific situation.