Arizona Laws 14-3706. Duty of personal representative; inventory and appraisement
A. Within ninety days after his appointment, a personal representative, who is not a special administrator or a successor to another representative who has previously discharged this duty, shall prepare an inventory of property owned by the decedent at the time of his death, listing it with reasonable detail, and indicating as to each listed item, its fair market value as of the date of the decedent’s death, its nature as community or separate property and the type and amount of any encumbrance that may exist with reference to any item.
Terms Used In Arizona Laws 14-3706
- Court: means the superior court. See Arizona Laws 14-1201
- Decedent: A deceased person.
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Intestate: Dying without leaving a will.
- 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
- Property: includes both real and personal property. See Arizona Laws 1-215
- Separate property: means that property of a husband or wife that is the spouse's separate property as defined in section 25-213. See Arizona Laws 14-1201
- Special administrator: means a personal representative as described by sections 14-3614 through 14-3618. See Arizona Laws 14-1201
B. The personal representative may file the original of the inventory with the court and send a copy of the inventory only to interested persons who request it; or, if he elects not to file the inventory with the court, he must deliver or mail a copy of the inventory to each of the heirs in an intestate estate, or to each of the devisees if a will has been probated, and to any other interested persons who request it.