Do I need a Will?
Probably the only person who does not need a Will is an unmarried person without children who doesn’t care who ends up with their assets following their death. As to why all other individuals should have a Will consider the …
Archives: FAQs
What are the duties of Arizona trustees?
The duties of Arizona trustees are spelled out in the notice and reporting provisions of the Arizona Trust Code. In addition to the general duty of acting in good faith and in accordance with the purpose of the trust, the …
Do I Need a Power of Attorney?
Almost every person should have both a financial and a health care power of attorney as illustrated by the following: If you were unable to manage your financial or personal affairs because you became incompetent or incapacitated, someone would have …
What is a Living Will?
A living will is a legal document a person can use to make known their wishes regarding life-sustaining measures that they want or do not want if they are unable to express those wishes themselves. Examples: mechanical breathing (respiration and …
Do I Need a Trust?
The only sure way to know if you need a trust is to consult with a competent estate planning attorney. Some examples of why you may need a trust are: You have minor children and want to provide for their …
Is the Will or trust I had prepared in another state valid in Arizona?
The validity of a Will or trust is determined by the laws of the state in which it was prepared. If your Will or trust was valid in the state in which it was prepared, it would likewise be valid …
Is the Will or trust I had prepared in another state valid in Arizona? Read more »
Reviewing and Updating Estate Plan Documents
Reviewing and updating estate plan documents should be done whenever there is a change in your family situation, your estate plan desires, or a change in the law, such as: a divorce or remarriage the birth or death of a …
Does Arizona Have an Estate Tax?
For decedents dying after 2004, Congress repealed the federal state death tax credit upon which the Arizona estate tax was based. Therefore, Arizona no longer has an estate tax. Arizona also does not have an inheritance tax or a gift …
Estate Tax vs Inheritance Tax
An estate tax is based on the net value of all property owned by a decedent at the time of their death. An estate tax is imposed on the decedent’s estate. An inheritance tax is imposed on the beneficiaries who …
What is an Arizona Personal Property Statement?
In Arizona, a person can leave specific items of tangible personal property to specific beneficiaries by creating a Personal Property Statement or List as long as that property is not specifically disposed of by their Will. For example, a person may have …
How can I be certain my health care documents are available when needed?
Fortunately, there is a way an Arizona resident’s health care documents can be accessed 24/7 from anywhere in the world via the Internet. There is an Arizona online registry where an individual’s health care documents can be filed to make …
How can I be certain my health care documents are available when needed? Read more »
What are the requirements to make a Will in Arizona?
The requirements to make a Will in Arizona are dependent on the type of Will. Arizona requires two witnesses to establish the validity of a Will. The witnesses can see the testator sign the Will. Alternately, the testator can confirm …
What are the requirements to make a Will in Arizona? Read more »
What is the Arizona Trust Code?
The Arizona Trust Code, commonly referred to as the ATC, was enacted on January 1, 2009. It is a comprehensive set of laws applicable to trusts created and administered in Arizona. Among the many items relating to trusts covered by …
What is a “Qualified” Beneficiary under Arizona law?
Under Arizona trust law there are two classes of trust beneficiaries. The one class is very broad, and the other is more limited. These two classes of beneficiaries are defined in subsections 2 and 14 of Section 14-10103 of the Arizona Revised …
What is a “Qualified” Beneficiary under Arizona law? Read more »
What is community property?
In Arizona, the term “community property” refers to property acquired during the marriage as a result of the earnings of either the husband or the wife while they were residents of Arizona or another community property state. If the property …
What is a Pour-over Will?
A “pour-over” Will is a Last Will and Testament designed to transfer a Testator’s assets into an existing living trust. It is used to ensure that the Testator’s probate assets are transferred or “poured over” to the trust for distribution …
How can a decedent’s name can be removed from a joint and survivorship account?
A deceased joint tenant’s name can be removed from a joint and survivorship account by presenting the account holder with a certified copy of the decedent’s death certificate.
What is probate?
Probate is a term that describes a court proceeding in which the court appoints a personal representative to administer a deceased person’s estate. The personal representative is responsible for “wrapping up” the decedent’s final affairs by performing the following functions: …
Arizona Probate Proceedings
The Arizona Probate Code has two different proceedings to probate an Arizona decedent’s estate. Arizona has a process known as “informal probate” that is used for uncontested probate proceedings. Informal probates do not require court hearings or a judge to …
What is a Ward? — a Protected Person? — a Guardian? — a Conservator? — a Testator? — a Personal Representative? — a Fiduciary?
Some of the various fiduciary designations used in legal proceedings are: Fiduciary – a generic term describing an individual or institution under an obligation to act in the best interest of another party. §14-10002 of the Arizona Revised Statutes reads, “′Fiduciary′ …
