Increase in the maximum value of assets to avoid probate

The Arizona legislature has passed a law effective on September 12, 2013, which increases the amount of assets which would require a probate. You can avoid probate only if the assets you hold in your name do not exceed $100,000 of real property or $75,000 in personal property (cash, accounts and tangible personal property). This is increased by $25,000. If more than $5000 of wages are to be paid then probate is needed. This amount was not increased Therefore, be sure to utilize your pay on death designations, transfer on death designations or title your assets in your trust.