Arizona Wills and Trusts
To put it simply, if you don’t have a Last Will and Testament, the Government makes one for you. If you don’t utilize a Last Will and Testament to designate the division of your assets, your assets and estate will be distributed according to Arizona state law. When there is no will in place, your property is split between the next of kin, your spouse, children, etc. But who gets what is in question. And who has to deal with the actual distribution of assets is in question. If you don’t make a will during your lifetime, you leave these questions to be answered by someone else.
Arizona Wills and Trusts | Avoiding Problems Down the Line
3 Problems You Avoid with the Creation of a Will:
If you pass away without a Last Will and Testament, the State will decide who should care for your children. If you have a Will in place, you choose a guardian for your children, so they will be looked after by someone you love and trust to care for them as you would.
70% of family owned businesses do not last past the first generation. The main reason they don’t last to benefit future heirs is a lack of estate planning. Making a Last Will and Testament is a good solution enabling you to protect your business, and pass your company along to your heirs and/or employees.
When there is no Will in place, surviving loved ones are left to deal with bureaucracy in a time when they are already overwhelmed by sadness. Putting a Will in place is one thing you can do to ensure that one of the most difficult times in the lives of your loved ones will be slightly less horrific as they won’t have to spend it haggling with lawyers and other family members about your wishes.