What is a Living Trust in Arizona
What is a will in Arizona?
Ever wonder what is a living trust in Arizona? We are here to help. A Last Will and Testament in Arizona is a legal document that allows you to provide direction on how to divide your assets and who you wish be appointed to act as the guardian of your minor children. There are, however, several important limitations associated with using a Will as your only estate planning document.
For example, assets held as Joint Tenants With Rights of Survivorship will automatically pass to the joint asset holder regardless of the terms set forth in your Will. Bank accounts with “Payable on Death” designations, as well as retirement accounts and life insurance policies with beneficiary designations, will pass automatically to the named beneficiaries regardless of the terms set forth in your Will. There are also statutory allowances due to a surviving spouse that may affect the assets available to your other heirs.
If you are considering using a Will as your primary estate planning tool, you should first consult with a qualified Arizona estate planning attorney to review the current title designations affecting your real property, beneficiary designations on your other financial, retirements, and life insurance policies, and the Arizona statutory allowances granted to your spouse as a matter of law.
Please contact our Scottsdale estate planning lawyers today if you have any additional questions regarding a Last Will and Testament in Arizona.
What Are the Different Types of Wills in Arizona?
You have a few options with respect to the creation of a Will in Arizona. In less complicated matters, an Arizona Simple Will is typically sufficient to provide for the payment of your debts and the distribution of your assets. In more complicated matters, such as when a person owns a business or has extensive assets, an Arizona Long Form Will is typically preferable, as well as the creation of a Arizona Family Trust.
Many estate planning attorneys will also advise you to create, among other things, an Arizona Living Will. A Living Will contains your directives to medical professionals as to the type of life saving and/or life sustaining medical efforts you authorize in the event you become incapacitated and are unable to make those decisions.
You should consult with a qualified Arizona estate planning attorney to determine what type of Arizona Will is suitable for you and your family.
Contact Our Arizona Estate Planning Attorneys
Our Scottsdale Arizona estate planning attorneys are available to answer your questions regarding an Arizona Simple Will, Arizona Long Form Will, Arizona Living Will or a complete estate planning package. Please feel free to call to speak to one of our Arizona Wills and Estate Planning attorneys if you need assistance creating your Arizona Will.