questions & answers

Question: Both of my parents have passed away leaving their small estate in a trust. I am the executor of the trust. The estate is small and fall within the dollar limits of real estate and personal property within the estate, where probate proceedings are not required. My question is; to complete the estate, do I need to To complete the estate, so I need to place a “Notice to Creditors” in a newspaper as described in A.R.S. 14-3801? (There are no known creditors).

Answer: Probate laws pertaining to Trusts are not identical to those where an “estate” remains (assets with or without a Will.)For example, the “small estate” probate exemption does not apply to Trusts.The key issue is with respect to Creditors is whether the Trust was Revocable or Irrevocable.If Irrevocable, no Creditors may claim against the Trust.If a “Revocable Living Trust”, creditors may file claims, thereby requiring the process set forth in A.R.S. section 14-3801 Notice To Creditors