[AZ] Are exact amounts required on a small estate affidavit?
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Yes, the eForms small estate affidavit is meant to be straightforward, but you still need to list an actual amount since it’s being notarized and you're swearing that the info is correct to the best of your knowledge.
If you truly believe it's around $53,000, you can write “approximately $53,000.” Just make sure you note that it’s an estimate based on your best info. That usually satisfies the requirement, as long as you’re acting in good faith and under penalty of perjury.
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Hi, I am creating this small estate affidavit because I am a trustee on a trust, but the brokerage account (IRA) was not part of the trust, and the bank said I could supply the small estate affidavit or letter of testimony, which I understand has to be filed with the court.
Because I am not a beneficiary, nor is the trust, the bank will not disclose the value of the IRA to ensure it complies with the $ 75,000 maximum. I believe the value is roughly $ 53,000; however, because I can’t verify, this form asks for a dollar amount.
I understand the situation with the brokerage account not being part of the trust. Have you already obtained the necessary forms for the small estate affidavit or letter of testimony?
I was filling out the form here on eForms.
Do you have a copy of the trust document that clearly outlines the assets included in it?
The IRA is not in the trust.
Is there anything else the Estate Lawyer should know before I connect you? Rest assured they’ll be able to help with your small estate affidavit.
No, I just need to know how to proceed.
Hello! My name is Michael, and I'm an attorney ready to help! Your responses matter to me, so I only need a few minutes to review and respond to each of your posts. Do you know who the beneficiary is?
They won’t confirm, but I believe it’s the only two daughters.
Ok, thank you so much for including that! Are the daughters adults?
Yes
They both contacted the bank to claim and the bank told them I needed to complete forms.
Two bank forms — surviving beneficiaries and claim form — plus provide a letter of testament or small estate affidavit.
Understood! Now that I have this info, what is your legal question for me?
The bank will not confirm the value of the IRA. The small estate account form on eForms is asking to list the amount so it can validate it falls less than $75K.
Ok, thank you so much for including that! One moment...
Ok, so legally speaking, the bank won't confirm the value because the law just doesn't give you any right to know. The two daughters are the only ones with the right to know the value and to collect that money.
So this means that if they are surviving beneficiaries, they would have to be the ones to take control regarding that specifically.
That’s what I thought, but the bank told the daughters I needed to complete all three forms. And I have another question.
Ok, thanks! So the bank's suggestion that you need to complete the forms is a little unusual since the account has defined beneficiaries. I suspect they have made an error because, as defined beneficiaries, they have a right to collect so long as they follow the procedures required under the law.
Is the form on eForms sufficient for the small estate affidavit in AZ?
So generally yes, but because this is a plan with a defined beneficiary, then it is going to be subject to the plan's rules.
So the small estate affidavit on this platform, eForms, seems so basic (not that I am complaining), but since it asks for the dollar amount and I don’t know exactly, should I list the amount as “roughly $53,000”? And since it’s being notarized, does that satisfy the requirements for fully completing the affidavit?
Yes, the eForms small estate affidavit is meant to be straightforward, but you still need to list an actual amount since it’s being notarized and you're swearing that the info is correct to the best of your knowledge.
If you truly believe it's around $53,000, you can write “approximately $53,000.” Just make sure you note that it’s an estimate based on your best info. That usually satisfies the requirement, as long as you’re acting in good faith and under penalty of perjury.
Perfect. Thank you.
For sure! Did I thoroughly address your question? Did I provide top-tier service to you? If the answer is no to either, please let me know so I can help!
I think I am good. Thanks.
Thank you so much for contacting us! We're happy to help whenever you need it.
