Dear [Executor's Name], RE: Assets and Liabilities of Decedent's Estate I hope this letter finds you well. I am writing to provide you with a detailed rundown of the assets and liabilities concerning the estate of the deceased [Decedent's Full Name]. In accordance with the legal procedures, it is vital to have a clear understanding of the estate's financial standing. Please find below a comprehensive list of the assets and liabilities associated with the estate in Phoenix, Arizona. 1. Real Estate: — Property 1: [Property Address— - Description: Provide a detailed description of the property, including specifications, features, and any relevant information. — Estimated Value: [Estimated Market Value] — Property 2: [Property Address— - Description: Similarly, provide details about this property and its characteristics. — Estimated Value: [Estimated Market Value] 2. Financial Assets: — Bank Accounts— - Bank Name: [Name of the Bank] — Account Type: [Checking/Savings— - Account Number: [Account Number] — Balance as of [Date]: [Current Balance] — Investments— - [Investment Company/Financial Institution Name] — Account/Portfolio Name: [Account/Portfolio Name] — Account/Portfolio Number: [Account/Portfolio Number] — Value as of [Date]: [Current Value— - Retirement Accounts: — [Retirement Account Provider's Name— - Account Type: [IRA/401(k)/Other] — Account Number: [Account Number— - Balance as of [Date]: [Current Balance] 3. Personal Property: — Vehicles— - Make/Model: [Make/Model] - Year: [Year] — Vehicle Identification Number (VIN): [VIN] — Estimated Value: [Estimated Market Value] — Jewelry and Valuables— - Description: Provide details about any valuable jewelry, antiques, or collectibles. — Appraised Value: [Appraised Value— - Electronics and Appliances: — Description: Specify any notable electronic devices, appliances, or technology. — Estimated Value: [Estimated Market Value] 4. Debts and Liabilities: — Mortgage(s)— - Property 1: [Property Address] — Outstanding Balance: [Outstanding Mortgage Balance] — Property 2: [Property Address— - Outstanding Balance: [Outstanding Mortgage Balance] — Other Debts— - Credit Card(s): [Creditor Name(s)] — [Outstanding Balance— - Loans: [Lender Name(s)] — [Outstanding Balance— - Any Other Liabilities: [Description] — [Outstanding Balance] Please note that the provided information may not be exhaustive, and it is essential to consult the relevant documentation and work closely with an estate attorney to ensure accuracy and compliance with local regulations. If additional assets or liabilities are discovered later, make sure to update the information promptly. If you require any further documentation or assistance in appraising the estate's assets, please do not hesitate to reach out. We understand that managing an estate can be a complex process, and our team is here to support you throughout this challenging period. We are committed to providing you with professional and reliable assistance. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Contact Information]
Phoenix Arizona Sample Letter for Assets and Liabilities of Decedent's Estate
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FAQ
How Long Do You Have to File Probate After Death in Arizona? According to Arizona law (ARS14-3108), the executor of an estate has two years from the date of death to file probate. This timeframe can be extended under certain circumstances, such as if the deceased left behind minor children.
Residuary beneficiaries are additionally entitled to receive a copy of the estate accounts, once these have been prepared, so that they can see how their share of the inheritance has been calculated.
The Arizona beneficiary deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.
To submit claims against the estate, known creditors have the longer of (a) 60 days from receipt of the written notice or (b) four months after first publication. Potential and unknown creditors have four months from the date of first publication to submit their claims to the personal representative.
Executors must not unreasonably delay distributing the estate for their own gain or any other party. However, even after the executor's year, the court will not order a distribution of the estate if the executors can show there is good reason to wait.
Some times beneficiaries want to see more detailed documents such as a Deceased's bank statement or pension documentation. Strictly speaking a beneficiary has no entitlement as of right to such documentation and it is your discretion as Executor whether or not to disclose it.
Executors should also ask each beneficiary to sign a receipt for the gifts that they receive. This will act as proof of distribution. This receipt should record the gift, the date the distribution was made, the full name of the beneficiary, and the name of the executor.
In some cases, a beneficiary may want to see this information. But does an executor have to give an accounting to beneficiaries? The short answer is yes.
According to Arizona law (ARS14-3108), the executor of an estate has two years from the date of death to file probate. This timeframe can be extended under certain circumstances, such as if the deceased left behind minor children.
If an estate is insolvent and a legacy cannot be paid in full, the beneficiaries of that estate will have a right to see the accounts. This is also true for beneficiaries whose full legacy cannot be paid for other reasons.