Is Probate Required In Arizona?
Arizona requires probate unless the decedent has a trust or has listed beneficiaries for all his/her assets. There is one exception to this rule: estates with personal property valued at less than $75,000
and real property (real estate) under $100,000. In this case, it is considered a ‘small estate’. The family would need to submit an affidavit to the court showing the assets and a copy of the will. Once the court grants the transfer of property to the heirs, the process is completed. Any property held in joint tenancy will automatically transfer to the surviving owner without the need to go through probate. This also includes community property with the right of survivorship. Real estate in Arizona may transfer to a beneficiary with a transfer on death deed.
The Probate Process
Selling real estate during the probate process is not uncommon. There are two common ways in which real estate owned by an estate is sold. First, and most common, is to employ the services of a real estate brokerage and list the property on the market for sale. The second is to auction the property.
Prior to the sale, specific steps need to be followed ensuring the legalities associated with the probate process are met. What will be necessary in regard to probating the estate (taking care of the legalities) depends on a number of factors, including:
- The state where the individual died.
- Size or value of the deceased individual’s estate.
- Whether or not there is a last will and testament.
- Whether there is a living spouse (oftentimes all of the property passes directly to the spouse).
- Whether a simplified or complex probate process will be necessary.
- Whether the estate includes real estate.
Depending on the specific facts and circumstances surrounding the estate, and applicable laws, you may need to open an estate in court and undertake a variety of legally required tasks before you proceed with an estate sale. These steps include – filing the will with the court, taking an inventory of the assets and debts of the estate, and obtaining authority to proceed with the estate sale. That authority comes in the form of letters of executorship if there is a will. If no will exists then a letter of personal representative or administrator is needed.
If there is real estate that needs to be sold as part of the probate process, a specific order from the court allowing a sale to occur may be needed. The court order may permit real estate to be sold through an auction or placed on the open market (MLS).
It is recommended that you address the legal tasks that are preliminary to an estate sale with the assistance of a skilled, experienced probate lawyer due to the inherent complexities associated with probate and estate law,
Once the legal portions are satisfied, the next step in selling probate real estate is engaging the services of a real estate brokerage. The real estate broker can assist both in putting probate real estate on the market for a direct sale as well as with an estate sale through which real estate will be auctioned.
Please reach out to us if you want to sell or buy real estate from an estate. Villa Realty can assist you in all stages of the process. We understand the ‘ins and outs; of selling and buying probate property. Additionally, we at Villa Realty have access to other professionals who provide services needed in the probate real estate sales process.
