Arizona Procedures: How to Close The Estate

• Category: Arizona Local County - Mohave - Superior Court - Probate
• State: Arizona
• Control #: AZ-MH-PB-55
• Format: PDF

Description

Procedures: How to Close The Estate Arizona Procedures: How to Close The Estate is a set of instructions on the steps necessary to legally close an estate in the state of Arizona. There are two primary types of estate closure in the state of Arizona: summary administration and formal administration. For Summary Administration, the Arizona Probate Code requires that a petition be filed with the court, along with a death certificate, and an inventory of the estate’s assets. The court will then determine if summary administration is appropriate and, if so, issue an order allowing the estate to be closed. The next step is to collect the estate’s assets, pay any outstanding debts, and distribute the remaining assets according to the terms of the will or Arizona laws of intestacy. For Formal Administration, the steps are more complex. The process begins with a petition to open the estate and appoint a personal representative. The personal representative is responsible for filing an inventory of the estate’s assets, notifying creditors, collecting assets, and paying debts. The personal representative must also file a report with the court on the status of the estate and submit any other required documents. Once the court approves the report, it will issue an order closing the estate and authorizing distribution of the remaining assets. In both types of estate closure, the executor, personal representative, or other fiduciary must follow all applicable laws, including Arizona's probate code, and must ensure that all the paperwork is completed and filed correctly with the court. Once the estate is closed, it is the fiduciary's responsibility to provide a copy of the closing documents to all interested parties.

Arizona Procedures: How to Close The Estate is a set of instructions on the steps necessary to legally close an estate in the state of Arizona. There are two primary types of estate closure in the state of Arizona: summary administration and formal administration. For Summary Administration, the Arizona Probate Code requires that a petition be filed with the court, along with a death certificate, and an inventory of the estate’s assets. The court will then determine if summary administration is appropriate and, if so, issue an order allowing the estate to be closed. The next step is to collect the estate’s assets, pay any outstanding debts, and distribute the remaining assets according to the terms of the will or Arizona laws of intestacy. For Formal Administration, the steps are more complex. The process begins with a petition to open the estate and appoint a personal representative. The personal representative is responsible for filing an inventory of the estate’s assets, notifying creditors, collecting assets, and paying debts. The personal representative must also file a report with the court on the status of the estate and submit any other required documents. Once the court approves the report, it will issue an order closing the estate and authorizing distribution of the remaining assets. In both types of estate closure, the executor, personal representative, or other fiduciary must follow all applicable laws, including Arizona's probate code, and must ensure that all the paperwork is completed and filed correctly with the court. Once the estate is closed, it is the fiduciary's responsibility to provide a copy of the closing documents to all interested parties.