Arizona Revised Statutes Title 14. Trusts, Estates and Protective Proceedings § 14-3906. Distribution in kind;  valuation;  method

1. A specific devisee is entitled to distribution of the thing devised to him, and a spouse or child who has selected particular assets of an estate as provided in § 14-2403 shall receive the items selected.

2. Any allowance in lieu of homestead or family allowance or devise of a stated sum of money may be satisfied by value in kind if the following are true:

3. For the purpose of valuation under paragraph 2 securities regularly traded on recognized exchanges, if distributed in kind, are valued at the price for the last sale of like securities traded on the business day prior to distribution, or if there was no sale on that day, at the median between amounts bid and offered at the close of that day.  Assets consisting of sums owed the decedent or the estate by solvent debtors as to which there is no known dispute or defense are valued at the sum due with accrued interest or discounted to the date of distribution.  For assets which do not have readily ascertainable values, a valuation as of a date not more than thirty days prior to the date of distribution, if otherwise reasonable, controls.  For purposes of facilitating distribution, the personal representative may ascertain the value of the assets as of the time of the proposed distribution in any reasonable way, including the employment of qualified appraisers, even if the assets may have been previously appraised.

4. The residuary estate shall be distributed in kind if there is no objection to the proposed distribution and it is practicable to distribute undivided interests.  In other cases, residuary property may be converted into cash for distribution.