UNDERSTANDING WILLS

What is a will?

A will is a written document that directs the disposition of a person's property after his or her death. Disposition under a will can be outright or in a continuing trust. A will nominates one or more personal representatives, sometimes referred to as “executors,” to manage and distribute the estate. A will can also nominate a person to be guardian and conservator for a minor or incapacitated child.

What is a Living Will?

A Living Will is a written statement that expresses your wishes about medical treatment that would delay death from a terminal condition. It also applies to situations of persistent vegetative state or irreversible coma. A Living Will would speak for you in the event that you were unable to communicate. It gives direction and guidance to others, but is not as broadly applicable as a Durable Health Care Power of Attorney. For example, a Living Will does not permit health care providers to stop tube feeding - only an agent appointed by a Durable Health Care Power of Attorney or a court-appointed guardian may make such a decision.

What happens if there is no will?

When a person dies without leaving a will, any assets in his or her estate will be distributed according to Arizona laws that designate which family members, or “heirs,” will receive assets and who will be appointed personal representative.

Does a will affect all assets?

 Assets for which you have set up a different method of transfer are not affected by a will. These include trusts, joint tenancy with right of survivorship, and life insurance or IRAs that name beneficiaries directly. Assets with these kinds of transfer mechanisms automatically pass to the surviving owners or named beneficiaries.

May a will be changed?

A will can be changed or revoked anytime before death. Often simple changes are made by an amendment called a "Codicil."

What is probate?

Probate is the process of submitting a deceased individual’s will to the court, appointing a personal representative and following through with the legal requirements to dispose of the person’s assets.
Probate proceedings are governed by the law of the state where the deceased person maintained his or her legal residence at the time of death, and by the probate laws of any other state where there was real property located at the time of death.

Does a person need a large estate to have a will?

No. Any person wishing to designate who will receive their assets at death should have a will.