Small Estate Administration
estate planning
Managing Small Estate Administration
In Arizona, when an individual passes away, their estate is usually handled through either probate or trust administration. However, if the estate is small enough, the formal probate process may not be necessary. In such cases, Arizona allows for “small estate administration,” where assets can be directly transferred to beneficiaries using a small estate affidavit.
While small estate administration can be straightforward, complications may arise if there are multiple beneficiaries, creditors, or other issues. Even for small estates, it’s essential that the decedent’s wishes, as outlined in their will, are respected. A small estate affidavit helps ensure that assets are distributed according to the decedent’s intentions. The Mesa probate attorneys at Rowley Chapman & Barney, Ltd. have assisted many families with small estate administration and are here to help you navigate the process. Call us at 480-833-1113 or contact us online today.
When Can Small Estate Administration Be Used?
A small estate affidavit allows the transfer of assets without the need for formal or informal probate, but only under certain conditions:
If the total value of personal property (such as bank accounts, vehicles, and tangible property) is $75,000 or less, and the death occurred at least 30 days before the affidavit is signed.
If the value of the decedent’s real estate does not exceed $100,000, and the death occurred at least six months prior to signing the affidavit.
If you are the surviving spouse and wish to collect up to $5,000 in wages owed to the deceased.
If you are legally entitled to the deceased’s personal or real property, either as a devisee under a will or as a legal heir under Arizona’s intestate laws.
If no probate has been opened or the personal representative has been discharged, and more than a year has passed since the closing statement was filed in a probate matter.
When Is Small Estate Administration Applicable?
A small estate affidavit can be used to transfer an estate without the need for formal or informal probate, which typically involves appointing an executor to manage the estate. However, this option is available only under the following conditions:
If the total value of the deceased’s personal property (such as bank accounts, vehicles, and tangible personal items) is $75,000 or less, and the death occurred at least 30 days before the affidavit is signed.
Required documents may include:
A financial statement
Two years of tax returns
Two months of bank statements
Two months of pay stubs
Who Can Assist With Small Estate Administration?
If you own what is considered a “small estate” in Arizona and are planning your will, it’s recommended to consult with a lawyer who can help you create a comprehensive will that can be easily administered through small estate administration. This ensures that your beneficiaries receive the full value of your assets and that you have control over how your estate is divided among your heirs. Without proper planning, the state may decide how your assets are distributed. If you are seeking small estate affidavits, an experienced estate planning attorney in Arizona can guide you through the process for both personal and real property. Even with a small estate, estate matters in Arizona can be complicated. Having a lawyer on your side ensures that your deceased loved one’s wishes are honored, or if they don’t have a will, that their estate is managed respectfully and appropriately.
