Arizona Administrating and Accounting before Closing an Estate involves several steps to make sure that all claims and debts of the deceased are settled before the estate is officially closed. Generally, the process includes: 1. Locating and Notifying Beneficiaries: The executor (or personal representative) of the estate must locate and notify all beneficiaries listed in the will. 2. Collecting and Valuing the Estate Assets: All assets of the estate must be collected and valued for taxation and distribution purposes. A complete inventory of all estate assets must be taken. 3. Paying Creditors and Claims: All outstanding debts, taxes, and other claims must be paid. The executor must be sure to understand all the requirements and deadlines for paying creditors and claims. 4. Filing Taxes: The final estate tax return must be filed with the state of Arizona, along with any other state or federal taxes that may be due. 5. Distributing Assets: The executor must distribute the estate assets in accordance with the instructions in the will. 6. Closing the Estate: After the assets have been distributed and all debts have been paid, the executor must file a Petition for Final Distribution, which officially closes the estate.
Arizona Administrating and Accounting before Closing an Estate
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How to fill out Arizona Administrating And Accounting Before Closing An Estate?
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