Arizona Laws 14-2609. Satisfaction of a devise during the testator’s life; requirements; valuation
A. Property a testator gave to a person while the testator was alive is treated as a satisfaction of a devise in whole or in part if any of the following requirements are met:
Terms Used In Arizona Laws 14-2609
- Devise: To gift property by will.
- Devise: when used as a noun, means a testamentary disposition of real or personal property and, when used as a verb, means to dispose of real or personal property by will. See Arizona Laws 14-1201
- Devisee: means a person designated in a will to receive a devise. See Arizona Laws 14-1201
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Survive: means that a person has neither predeceased an event, including the death of another person, nor is deemed to have predeceased an event under section 14-2104 or 14-2702. See Arizona Laws 14-1201
- Testator: A male person who leaves a will at death.
- Testator: includes a person of either sex. See Arizona Laws 14-1201
- Writing: includes printing. See Arizona Laws 1-215
1. The will provides for deduction of the gift.
2. The testator declared in a contemporaneous writing that the gift is in satisfaction of the devise or that its value is to be deducted from the value of the devise.
3. The devisee acknowledged in writing that the gift is in satisfaction of the devise or that its value is to be deducted from the value of the devise.
B. For purposes of partial satisfaction, property given while the testator was alive is valued as of the time the devisee came into possession or enjoyment of the property or at the testator’s death, whichever occurs first.
C. To satisfy the requirements of sections 14-2603 and 14-2604 if the devisee fails to survive the testator, the gift is treated as a full or partial satisfaction of the devise, as appropriate, unless the testator’s contemporaneous writing provides otherwise.