Inventory: Information And Instructions

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Inventory: Information And Instructions is a commonly used form within Arizona. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Inventory: Information And Instructions

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Inventory: Information And Instructions:

• This form pertains to the State of Arizona

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Arizona’s Form pbcf42iz - Inventory: Information And Instructions up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Arizona form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Arizona probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form pbcf42iz, take a break, and then review. Probate and estate settlement processes in AZ are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form pbcf42iz online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form pbcf42iz witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Inventory: Information And Instructions to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Arizona.

5 reasons you should submit pbcf42iz as quickly as possible:

1. The sooner you begin, the faster Arizona can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Arizona. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Arizona is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Arizona probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Arizona probate clerk or court for exact answers regarding Form pbcf42iz, and when in doubt— consult a qualified trust & estates lawyer for that area.

Inventory: Information And Instructions is one of the many probate court forms available for download through Atticus.

It may also be available through some Arizona probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Arizona.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form pbcf42iz - Inventory: Information And Instructions f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Arizona probate court office.

Inventory: Information And Instructions is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Arizona-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Arizona Form pbcf42iz - Inventory: Information And Instructions. You can use this to get an idea of the context of the form and what type of information is needed.

Self-Service Center THE INVENTORY (One Part of Form 5) INFORMATION AND INSTRUCTIONS I. INFORMATION: The inventory provides a detailed list of all the protected person’s assets and liabilities, which helps the court assess the value of the estate and account for all of the protected person’s possessions. The inventory serves as the opening balance for the conservatorship. An inventory is required from a conservator. The conservator is required to attach this Inventory to Form 5. Arizona Revised Statutes § 14-5418 states “Within ninety days after appointment, a conservator shall prepare and file with the court an inventory of the assets of the protected person on the date of the conservator's appointment, listing it with reasonable detail and indicating the fair market value of each asset as of the date of appointment. Note: The date of appointment is considered to be the date the letters of conservator were issued. II. INSTRUCTIONS: A. The Inventory  Gather all the documentation you will need to complete the inventory tables o Collect bank statements, receipts, bills, investment account statements, property ownership and tax information, etc.  While performing the inventory, include as much detail as is necessary to reasonably identify the asset. o For example, if the protected person has a checking account at Bank of America, you would document it as “Bank of America” and provide the checking account number.  Conservator power. Include in the inventory only property you, as Conservator, can exercise a power of direction over the asset. (Unless otherwise ordered by the court, DO NOT include in the inventory any property that is titled in the name of a different legal entity, such as property held by a trust or corporation, unless you, as conservator, can exercise a power of direction over the asset.)  Photographs or Video of personal property o The Conservatorship tutorial recommends no matter the amount of detail you choose to include for household items, you should always photograph or video tape the personal property. © Superior Court of Arizona in Maricopa County PBCF42i 041514 ALL RIGHTS RESERVED Page 1 of 3 B. The Inventory Form General  Fill out the form completely using black ink.  If you are completing the form by hand and you need to add additional lines in any category, you will need to print another blank form.  CREDIT REPORT: As the Conservator, you must include a copy of the protected person’s credit report from a credit reporting agency, when you file this inventory. The credit report must be dated within ninety (90) days of filing it with the court. You may obtain a copy of the credit report by writing a letter to the credit reporting agency or you may obtain one free of charge from AnnualCreditReport.com. Page 1  Fill out the top of the form completely.  Leave blank the “Total estimated values” in number 2, until after you complete the inventory for all assets.  Number 4) Notice: Do this part last, after you complete the inventory for all assets. Pages 2-4  Write your case number at the upper right corner of each page.  Complete each Inventory table by writing appropriate information under the column headings.  Use the most RECENT account information for the assets for which valuation documentation exists, such as bank accounts and investment accounts. You must deduct any outstanding checks or add any deposits that are not yet received.  Cash Value: The cash value of bank accounts, brokerage accounts, annuities and/or life insurance policies will be the value on the date you were appointed. Note: The date of appointment is considered to be the date the Letters of Appointment were issued.  When listing the value of an asset, list its market value. DO NOT deduct any liens or mortgages.  Real Estate: include the address and the parcel number for each parcel of property. © Superior Court of Arizona in Maricopa County PBCF42i 041514 ALL RIGHTS RESERVED Page 2 of 3  Report debts (amounts owed on real or personal property) separately, but identify if any debt is secured against any particular asset. Remember: the value of an asset is the market value of the asset. For example, use the current value of the home as the inventory value, not the mortgage balance remaining.  Automobiles: o When documenting an automobile, you should include the make, model, year, and vehicle identification number (VIN). o A reliable way to determine the value of an automobile would be to use the Kelley Blue Book valuation.  Appraisals may be obtained for homes, jewelry, artwork or antiques. Appraisals can be very costly, so if it is not your intent to liquidate the asset in the very near future, it may be best to provide a reasonable estimate of the asset’s value. If you provide an estimate for the value, be sure to make note of this on the inventory.  Household items: Always photograph or videotape the personal property. Remember to include as much detail as is necessary to reasonably identify the asset. Total Estimates  Once you finish the inventory, and list all of the required information, add the values in the right-hand columns. Then total the values, and list them at the bottom of pages 3 and 4.  Transfer the same totals to the Page 1 list in Item 2. Completion  Check your work.  Did you remember to write your case number at the upper right side of each page?  Did you remember to transfer the numbers for total estimated value and debt to Page 1, Item 2?  Photocopy (as many copies as you need to give notice to appropriate persons) the completed Inventory form and mail or deliver it to all interested parties or persons.  Attach the completed Inventory Form to the Estate Budget.  Important: Pursuant to Arizona Revised Statutes § 14-5418, “[t]he conservator shall attach to the inventory a copy of the protected person's consumer credit report from a credit reporting agency that is dated within ninety days before the filing of the inventory.” © Superior Court of Arizona in Maricopa County PBCF42i 041514 ALL RIGHTS RESERVED Page 3 of 3