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Arizona Will
Many people are surprised to discover that if they die without a will, Arizona has laws (intestacy laws) that will provide for the distribution of their assets. However, there are many advantages to using an Arizona will rather than relying on the intestacy laws, some of which are: 1) providing for dependents, 2) suggesting guardians for dependents, and 3) directing the distribution of assets.
1) Providing For Dependents
For many people, the principal reason to have an estate plan is to provide for the financial needs of loved ones who most need financial support, e.g. young children or dependent's with special needs. There are many ways in which a will can provide for these loved one, however, at the most basic level, a will often creates a trust that shall contain assets solely for the benefit of a particular dependent and for the benefit of no one else.
2) Suggesting Guardians For Dependents
Along with providing for the financial needs of dependents, another key advantage of having a will is to suggest guardians for living dependents. Although the courts will not always place a person's dependents with the person or people suggested in a will, courts will usually do so unless there is good cause not to appoint the suggested guardians.
3) Directing The Distribution of Assets
Arizona's intestacy laws provide that if a person dies without a will, the ownership of that person's assets will be transferred to that person's living spouse, to that person's living biological or adopted descendants if there is no living spouse, to that person's living parents if there are no living biological or adopted descendants, to that person's living siblings if there are no living parents, to that person's living grandparents if there are no living siblings, to that person's relatives if there are no living grandparents, or to the state of Arizona if there are no living great grandparents.
Although this may be acceptable to some, there are many situations when this isn't desirable. For example, if a person has stepchildren whom he/she would like to provide for, absent a will, they will not be provided for. However, if that same person has a will, he/she will be able to direct his/her assets in any reasonable manner.
Power of Attorney
Along with death, there is one other key consideration for which a person must plan in order to take care of his/her obligations: incapacity. Further, the way in which incapacity is typically planned for is via a power of attorney. In the event a person becomes incapacitated, he/she cannot legally act for his/her own benefit. A power of attorney allows someone else to act in the place of the person granting the power of attorney.
Generally, when an attorney drafts a will for a person, the attorney often drafts a power of attorney for testator in the event he/she becomes incapacitated.
The discussion above is a basic overview of the considerations associated with wills in Arizona. Always consult a qualified legal professional before making any legal decisions.
Douglas K Cook is an Arizona Will Lawyer with over 40 years of experience as a practicing attorney. Although Douglas K Cook's office is located in Mesa, Arizona, he represents clients throughout the Phoenix, Arizona Metropolitan area including the following east valley cities: Scottsdale, Paradise Valley, Tempe, Chandler, & Gilbert.
Last Updated on September 10, 2011
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