Closing a Probate Estate
The manner in which an Estate can be closed depends on whether the Estate was filed informally or formally, and whether the administration was supervised or unsupervised.
Informal Probate simply requires the filing of a Closing Statement to close an estate. However, before the estate may be closed, notice to the decedent's creditors must have been given pursuant to the Arizona Revised Statutes, all assets collected and all valid debts paid (including taxes and all costs of administration). The remaining assets of the Estate is then distributed to the heirs and devisees. Upon completion, the Closing Statement is prepared, sent to the beneficiaries and affected creditors and then filed with the Court. Although unlikely, the Court may set a hearing.
For the other types of estates (informal supervised, formal supervised and formal unsupervised), the requirements vary. However in each case the Court will typically require more documentation than the simple Closing Statement used in the Informal Probate. It is highly recommended to have an Attorney represent you in these situations as the Personal Representative may be personally liable for failing to close the estate properly.
If you would like to contact Owens & Perkins to assist you in closing a probate estate, click here.
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