This bill proposes significant updates to the current statutes governing small estate administration in Arizona. Under the existing law, the maximum value of personal property that can be transferred via affidavit is set at $75,000, and for real property, it is $100,000. The bill seeks to increase these thresholds, raising the personal property limit to $200,000 and the real property limit to $300,000. These changes are intended to facilitate the transfer of small estates by allowing a greater value of assets to be handled without the need for formal probate proceedings.

Additionally, the bill makes minor technical adjustments to the language of the statute, ensuring clarity and consistency in the legal text. It maintains the requirement that no application for a personal representative is pending and that the relevant values are assessed as of the date of death or the date of the affidavit, as applicable. Overall, if enacted, this legislation would streamline the process for transferring small estates, making it more accessible for successors of decedents.

Statutes affected:
Introduced Version: 14-3971
House Engrossed Version: 14-3971
Chaptered Version: 14-3971