Arizona Laws 14-3603. Bond required; exceptions
A. A bond is required of a personal representative unless either:
Terms Used In Arizona Laws 14-3603
- Appraisal: A determination of property value.
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
- Court: means the superior court. See Arizona Laws 14-1201
- Devisee: means a person designated in a will to receive a devise. See Arizona Laws 14-1201
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: means a person who has qualified as a guardian of a minor or incapacitated person pursuant to testamentary or court appointment but excludes a person who is merely a guardian ad litem. See Arizona Laws 14-1201
- Interested person: includes any trustee, heir, devisee, child, spouse, creditor, beneficiary, person holding a power of appointment and other person who has a property right in or claim against a trust estate or the estate of a decedent, ward or protected person. See Arizona Laws 14-1201
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
- Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
- State: means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. See Arizona Laws 14-9101
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust company: means a financial institution, corporation or other legal entity that is authorized to exercise general trust powers. See Arizona Laws 14-9101
- Ward: means a person for whom a guardian has been appointed. See Arizona Laws 14-5101
- Will: includes a codicil and any testamentary instrument that merely appoints an executor, revokes or revises another will, nominates a guardian or expressly excludes or limits the right of an individual or class to succeed to property of the decedent passing by intestate succession. See Arizona Laws 14-1201
1. The will expressly waives the bond.
2. All of the heirs if no will has been probated, or all of the devisees under a will that does not provide for waiver of the bond, file with the court a written waiver of the bond requirement. A duly appointed guardian or conservator may waive on behalf of the ward or protected person unless the guardian or conservator is the personal representative.
3. The personal representative is a national banking association, a holder of a banking permit under the laws of this state, a savings and loan association authorized to conduct trust business in this state, a title insurance company that is qualified to do business under the laws of this state, a trust company holding a certificate to engage in trust business from the deputy director of the financial institutions division of the department of insurance and financial institutions or the public fiduciary.
4. The petition for formal or informal appointment alleges that the probable value of the entire estate will allow summary procedures under section 14-3973 and the surviving spouse, or the nominee of the surviving spouse, is applying for appointment as personal representative.
B. In any case where a bond is not required under subsection A of this section, the court, on petition of any interested person and on reasonable proof that the interest of the petitioning person is in danger of being lost because of the administration of the estate, may require a bond in such an amount as the court may direct to protect the interest of the petitioner or of the petitioner and others. An heir or devisee who initially waived bond may be a petitioner under this subsection.
C. If a bond is not initially required because the petition for appointment alleges that the probable value of the entire estate will allow summary procedures under section 14-3973, and it later appears from the inventory and appraisal that the value of the estate will not allow use of such procedures, then the personal representative must promptly file a bond unless one is not required for some other reason under subsection A of this section.