Arizona Assignment of Personal Property
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How to fill out Assignment Of Personal Property?
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FAQ
First, you'll need to initiate probate. File a petition with the county court where the decedent lived or owned property, and include a list all of the potential heirs to the estate. If there is a family member or trusted advisor who would like to serve as the estate's administrator, indicate that in the petition.
If seeking personal property, it is not necessary to file the small estate affidavit with the court. Instead, give the completed, signed, notarized form to the person or entity holding the asset to be transferred.
Arizona has a simplified probate process for small estates. To use it, an executor files a written request with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate.
A small estate affidavit is simply a legal document (which name varies by state) authorizing one to claim assets after their loved one has passed, which would be in lieu of a lengthy probate process.
The total value of the estate's personal property, including cash, bank accounts, stocks, bonds, jewelry and automobiles, cannot exceed $75,000. Additionally, the total assessed value of the estate's real property cannot exceed $100,000 after the value of liens or encumbrances has been subtracted.
However, Arizona has a more straightforward, streamlined probate process for smaller estates. An estate can qualify for this process if the total value of the estate's real property is less than $100,000, and all other non-real property totals less than $75,000.
Small Estate Affidavits are used in Arizona to transfer assets from a deceased person to the heirs when the total value of the assets is below the minimum value requiring a probate.
