| WILLS and ESTATES |
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| Q: |
Why write a will? |
| A: |
You should write a will to ensure that when you die everything you own will go to the people or organizations that you choose.
2) Your will becomes effective at the time of your death and not before, and
3) Your will sets out an organized plan for the distribution of everything you own at the time of your death.
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| Q: |
What are the requirements for a formalized written will in Arizona? |
| A: |
1) A will must be in writing.
2) The person making the will must sign the will. Another person can sign for the person making the will as long as it is done in the presence of the testator and at the direction of the testator.
3) Two witnesses are required.
4) The witnesses must witness testator either sign the will, or acknowledge that the signature on the will is his signature, or acknowledge the making of his signature by another, and
5) Competency. Each witness must be competent and have the ability to understand what is being witnessed.
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| Q: |
Who can make a will? |
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If you make a will, you are called a testator. You can make a will if you are at least eighteen years old. There may be exceptions under specific case law in Arizona. In order to make a will, you must be of a sound mind. Please consult our office.
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| Q: |
What happens if I die without a will? |
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Your property will be distributed according to the Arizona intestacy statute. Generally, spouses have first preference, and then children, and then brothers and sisters, and then aunts and uncles, and then other relatives. Finally, the property would go back to the State of Arizona, if there were no other heirs. For more specific information, please consult our offices.
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| Q: |
How do I revoke a will? |
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You can revoke a will by making a new will, which revokes any prior wills. A will is revoked if it is physically destroyed with the intent and purpose that it be revoked. If it is accidentally destroyed, it is not revoked. The testator may destroy the will. Another person may destroy the will, but only at the direction of the testator, and in the presence of the testator. Arizona defines destroying a will as burning, tearing, canceling, or obliterating the will. Unless the will specifies otherwise, a divorce or annulment revokes the portions of the will that benefit the former spouse, or that name the former spouse as executor or guardian. Property will be distributed as if the former spouse died before the testator.
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| Q: |
What is meant by probating the will? |
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1) Probate is a legal procedure that determines if a will is genuine and valid.
2) The probate authority determines whether: The will was properly executed as required by law. The testator was competent to execute the will. The testator was improperly influenced or persuaded to make the will.
3) Probate seeks to guarantee that an individual's property does not end up in the wrong hands.
4) A will have no legal effect until it is properly probated, and
5) After being probated, the will can be used to transfer property as set forth in the will.
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| Q: |
Do I need a living trust? |
| A: |
Generally, if your probate estate is over $50,000, you may benefit from a living trust. A living trust can avoid the expense and delays of probate and is an excellent estate planning device for many people. For more detailed information, please consult our offices.
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| Q: |
Will my heirs have to pay a federal estate tax or an Arizona inheritance tax? |
| A: |
If your estate is over $600,000, you may be required to pay a federal estate tax. Generally, there is no Arizona inheritance tax. A living trust will not avoid the estate tax, but will avoid the expense and delays of probate.
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| Q: |
If I have a living trust, will I lose control of my property before I die?
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No. The living trust is revocable. Further, you will be the trustee during your life, and have full control of your property to the same extent as if the trust did not exist if you desire.
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| Q: |
What is the difference between a living trust and a living will? |
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A living trust is an estate planning device to avoid the expense and delays of probate. A living will is a device which gives instructions as to how to proceed when a person is terminally ill and incapacitated with no chance of recovery. A living will sometimes provides that extraordinary measures will not be taken to prolong life when there is no possibility of recovering.
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