Arizona Laws 14-2403. Exempt property; value; priority
A. In addition to the homestead allowance, the decedent‘s surviving spouse is entitled from the estate to a value that is not more than seven thousand dollars in excess of any security interests in that estate in the following:
Terms Used In Arizona Laws 14-2403
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Dependent: A person dependent for support upon another.
- 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
- Exempt property: means that property of a decedent's estate that is described in section 14-2403. See Arizona Laws 14-1201
- Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or power of attorney or supported decision-making agreement or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
- Intestate: Dying without leaving a will.
- Minor: means a person who is under eighteen years of age. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
1. Household furniture.
2. Automobiles.
3. Furnishings.
4. Appliances.
5. Personal effects.
B. If there is no surviving spouse the decedent’s minor and dependent children are entitled jointly to the same value as prescribed in subsection A of this section.
C. If encumbered chattels are selected and the value in excess of security interests and that of other exempt property is less than seven thousand dollars or if there is not seven thousand dollars worth of exempt property in the estate, the spouse or minor or dependent children are entitled to any other assets of the estate to the extent necessary to make up the seven thousand dollar value.
D. Rights to exempt property and assets needed to make up a deficiency of exempt property have priority over all claims against the estate except expenses of administration. The right to any assets to make up a deficiency of exempt property abates as necessary to permit earlier payment of the homestead allowance and family allowance. These rights are chargeable against any benefit or share passing to the surviving spouse or minor or dependent children by the decedent’s will by a nonprobate transfer pursuant to section 14-6102 or by intestate succession, unless otherwise provided by the decedent’s will or by the governing instrument for a nonprobate transfer.