Is there a mechanism to avoid probate for small estates?
Yes. In Arizona (other states have different limits and arrangements) an estate of less than $50,000 can be collected through use of a simple affidavit. Real estate worth less than $75,000 (net of liens and encumbrances) can be collected by a simplified probate proceeding. Note that these limits are for the total value of assets that would otherwise be subject to the probate process. In other words, if you are trying to collect a $30,000 CD from one bank and a $40,000 CD from another, you will not be able to use the affidavit process — you would have to swear that the total value of all assets subject to probate are less than the $50,000 limit. You would, however, be able to collect a $40,000 CD and a $60,000 piece of real estate, as those two sections of the law are independent of one another.
