Arizona Laws 14-6103. Notice of death of settlor; filing claim against trust estate
A. After the death of the settlor the trustee of a nontestamentary trust may notify known creditors pursuant to section 14-3801, subsection B and may publish notice to creditors pursuant to section 14-3801, subsection A.
Terms Used In Arizona Laws 14-6103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- 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
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
B. A claim against the trust estate that arose before the settlor’s death, including claims of the state or any of its political subdivisions, whether due or to become due, absolute or contingent, liquidated or unliquidated, founded on contract, tort or other legal basis, if not barred against the trust estate by any other statute of limitations or nonclaim statute, are barred against the trust estate, the trustee and the beneficiaries of the trust, unless presented within the time prescribed in the written notice for creditors who are given actual notice, or within the time prescribed in the published notice for creditors who are given notice by publication.
C. A claim under this section may be presented as follows:
1. The claimant may deliver or mail to the trustee a written statement of the claim indicating the information prescribed in section 14-3804.
2. If the trustee has distributed the trust estate to beneficiaries of the trust, the trustee shall mail or deliver the claim to any beneficiary that may be liable for the claim because of the receipt of trust assets by that beneficiary.
3. If a claim is presented in a timely manner, section 14-6102 applies.
D. The trustee is not liable to a creditor or to any beneficiary of the trust for giving or failing to give notice under this section.