Beat Arizona Probate: Streamline Your Estate Inventory
A well-prepared inventory is the backbone of Arizona probate. Within 90 days after appointment (unless extended by the court), the personal representative must inventory the decedent’s probate property and state each item’s fair market value as of the date of death, noting any encumbrances. Provide a copy to any interested person who requests it and file with the court if requested or ordered. See A.R.S. § 14-3706.
Why the Estate Inventory Matters
In Arizona probate, the personal representative must identify, value, and account for the decedent’s probate assets. The inventory is the foundation for paying valid debts, resolving taxes, and distributing what remains. A complete, well-documented inventory reduces disputes, speeds administration, and protects the personal representative.
What Belongs on the Inventory
Include probate assets the decedent owned individually at death, such as:
- Cash and bank accounts
- Investment and brokerage accounts
- Business interests
- Real estate not held in trust or with survivorship rights
- Vehicles and other titled property
- Valuable personal property (jewelry, art, collectibles)
- Claims or causes of action
Non-probate transfers are generally excluded from the probate inventory, including assets held in trust, pay-on-death or transfer-on-death accounts, retirement accounts with a living beneficiary, life insurance with a living beneficiary, and property held with rights of survivorship. When in doubt, flag the item for counsel to review.
Getting Valuations Right
Arizona law requires fair market value as of the date of death and disclosure of any encumbrances on listed assets (A.R.S. § 14-3706(A)). Practical tips:
- Use date-of-death statements for cash and marketable securities.
- Obtain appraisals for real estate, closely held businesses, and unique or high-value personal property.
- Document liens and mortgages associated with assets.
- Keep copies of all statements, appraisals, and notes describing how you determined value.
Serving the Inventory and Keeping Records
- Timing: Prepare the inventory within 90 days after appointment unless the court extends the time (A.R.S. § 14-3706(A)).
- Who gets it: Mail or deliver a copy to any interested person who requests it; you may file the inventory with the court, and you must file if an interested person requests or the court orders (A.R.S. § 14-3706). “Interested person” is defined by statute (A.R.S. § 14-1201).
- Recordkeeping: Maintain a master asset list; account statements; deeds and titles; appraisals; lien payoff information; correspondence with financial institutions; and a log of communications and decisions.
Handling Difficult Assets
- Real estate: Confirm title, order a date-of-death appraisal, and verify HOA dues, taxes, and insurance.
- Business interests: Gather operating or shareholder agreements and financials; consider a qualified business valuation.
- Digital assets: Inventory email, social media, cloud storage, and crypto wallets; locate access credentials and review terms of service.
- Safe-deposit boxes: Follow bank procedures for opening and inventorying contents.
- Tangible collections: Use qualified appraisers for art, antiques, firearms, or significant collections.
Common Mistakes to Avoid
- Missing non-obvious assets (refunds, escrow balances, last paychecks).
- Using rough estimates instead of fair market value at date of death.
- Mixing non-probate and probate property without explanation.
- Failing to document how values were determined.
- Delaying appraisals for unique property.
- Not updating interested persons (and the court if required) when new assets are discovered.
Pro Tip: Start With What Institutions Already Know
Request written, date-of-death confirmations from banks, brokers, and insurers before you build your spreadsheet. These third-party documents speed valuations and reduce later disputes.
Inventory Preparation Checklist
- Open an estate bank account; route all receipts and disbursements through it.
- Obtain multiple certified death certificates.
- Request date-of-death statements from banks and brokers.
- Pull a credit report for the decedent.
- Search Arizona’s unclaimed property database (AZ DOR Unclaimed Property).
- Secure and insure real property; forward mail; change locks if needed.
- Engage qualified appraisers for real estate and specialty assets.
- Collect deeds, titles, policy statements, and business agreements.
- Document liens, mortgages, and UCC filings tied to assets.
- Create a dated log of communications and valuation decisions.
Practical Steps to Streamline Your Inventory
- Order multiple death certificates and request date-of-death statements from banks and brokers.
- Record and secure real property; update insurance and change mailing addresses.
- Engage qualified appraisers early for real estate and specialty assets.
- Create a shared checklist and timeline for obtaining appraisals and statements.
- Communicate early and regularly with beneficiaries to set expectations and reduce objections.
When the Inventory Changes
It is common to find additional assets or learn better valuation information after the initial preparation or any filing or service. Update your records and, as appropriate, supplement what you previously shared with interested persons and file with the court if requested or ordered. Transparency and timely updates can prevent avoidable disputes.
How a Probate Attorney Helps
Experienced counsel can confirm what is and is not probate property, coordinate appraisals, prepare the inventory in the format the court requires, advise on service and filing, and address creditor claims. For complex estates, businesses, or contested matters, this guidance can save time and reduce risk.
Need help now? Schedule a consultation with an Arizona probate attorney.
FAQ
Do I have to file the inventory with the court in Arizona?
You may file it, but you must file if an interested person requests or the court orders it. You must provide a copy to any interested person who requests it.
What valuation date does Arizona require?
Fair market value as of the date of death, with encumbrances disclosed for each listed asset.
What if I discover new assets after I finish the inventory?
Update your records and supplement what you served and filed if requested or ordered. Prompt updates reduce disputes.
Do non-probate assets go on the inventory?
Generally no. Assets with beneficiary designations, property in trust, and survivorship property are usually excluded.
How long do I have to prepare the inventory?
Typically 90 days after appointment unless the court extends the deadline.
Can I use rough estimates for unique items?
No. Obtain qualified appraisals for non-marketable or unique assets.
Who counts as an interested person?
The definition is set by statute and includes persons with property rights or claims that may be affected. See A.R.S. § 14-1201.
Where can I check for overlooked accounts?
Search the state’s unclaimed property database at AZ DOR Unclaimed Property.
What records should I keep?
Maintain statements, appraisals, titles, deeds, correspondence, and a decision log supporting every value.
When should I call a lawyer?
Early. Counsel can prevent errors with asset classification, deadlines, and appraisals, and can manage disputes if they arise.
References
- A.R.S. § 14-3706 — Inventory; appraisement
- A.R.S. § 14-1201 — Definitions (including “interested person”)
- Arizona Department of Revenue — Unclaimed Property
Disclaimer: This article provides general information about Arizona probate and is not legal advice. It summarizes Arizona law as of the last review date and may not reflect recent changes. Reading it does not create an attorney–client relationship. Probate obligations vary by estate and by court order—consult a licensed Arizona attorney for advice about your situation.