Thursday, August 29, 2013
The Arizona Legislature has made several changes affecting estate planning, effective September 12.
Simplified probate proceedings will now be possible for more small estates. Persons entitled to personal property valued at less than $50,000 were entitled to collect it with a simple affidavit. The real property limit was $75,000. Now, the personal property limit will go up to $75,000 and the real property limit will go up to $100,000.
Further, the Arizona legislature has explicitly protected Section 529 plan accounts, which set aside money for children’s education, from bankruptcy.
The Arizona legislature has also made it more difficult for surviving spouses to legitimately withdraw money from trusts that become irrevocable after the death of their spouse.
See Robert Fleming, Arizona Legislative Changes Effective September 12, Fleming & Curti PLC, Aug. 26, 2013.
Special thanks to Naomi Cahn (John Theodore Fey Research Professor of Law, George Washington University School of Law) for bringing this article to my attention.