Important Arizona Legislative Changes Impact Estate Planning
Effective September 12:
Simplified probate proceedings (by using a simple affidavit) will be available for small estates with personal property valued at $75,000 or less (previously less than $50,000) and real property valued up to $100,000 (previously $75,000 or less).
The Arizona legislature has now provided explicit bankruptcy protection for Section 529 plan accounts, which set aside money for children’s education.
The Arizona legislature has also made it more difficult for surviving spouses to withdraw money from trusts that become irrevocable after the death of their spouse.