Navigating through the probate process in Arizona isn’t always a walk in the park. That is why you need to understand the probate timeline in Arizona so you can make the right choices in such a trying moment in your life.
The General Probate Timeline or Process in Arizona
#1. The Initiation Stage and Proving of the Will
The Will of the deceased marks the absolute outset of the probate timeline. It is used to determine who the executor of the decedent’s estate becomes. If the deceased passed away without drawing a Will, the court will appoint a personal representative. An executor initiates the process by filing a petition for probate with the court. On its side, the court determines the validity of the Will before initiating the probate.
#2. Obtaining Letters Testamentary
After appointing an executor and determining that the Will is valid, the court provides the personal representative with Letters of Administration.
#3. Posting the Bond
Posting a bond is a cautionary measure to protect the estate against an executor who can abscond with the estate’s funds. Unless the devisees, the Will or the heirs to the estate specifically waive the requirement, the executor has to post bond.
#4. Provide Notice
The personal representative has to provide notice to companies, creditors, tax agencies, department of health services, and other stakeholders. This step in the probate timeline allows anyone to file a claim against the deceased’s estate.
#5. Find and Collect Estate Assets
Unless the Will says otherwise, the Arizona Probate Law gives an executor the right to take possession of all the estate’s assets. From money payable to the estate to life insurance check and everything in-between, a personal representative is in charge of all assets attached to the estate.
#6. Generate an Inventory of All Assets
The process actually begins when the probate is officially declared. The executor must find, inventory, and ensure that all assets are appraised as of the time the deceased passed away. Remember executors have 90 days to create an inventory once they are appointed.
#7. File Tax Returns and Pay Taxes
The personal representative also has to file the last tax returns for the deceased. And pay any taxes, if required.
#8. Manage (and Preserve) the Estate
It’s the fiduciary duty of an executor to preserve and manage the entire decedent’s estate.
#9. Community Property
Did you know Arizona is one the few community property states? With that in mind, the executor has to put aside community property first.
#10. The Last Stage in Probate Timeline: Distribute Property
An executor can now distribute estate assets to the beneficiaries according to the Will or Arizona Probate Code.
