Wills Attorney In Chandler AZ Providing Outstanding Counseling From Start To Finish

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An Introduction To Wills & Trusts

There are many myths and misconceptions about wills and trusts. Tragically, many of these are perpetuated by attorneys who literally profit from it. We’ll share many of the misconceptions about wills and trusts before sharing the truth.

In theory, your will can set up a trust. However, that won’t prevent your assets from going through probate if the will is what sets up the trust. If you want to avoid probate, set up the trust before you die. Furthermore, you need to fund the trust. This includes moving assets into the trust by making the trust the legal owner and updating accounts to make the trust instead of your heirs your beneficiary. Learn more about Trusts.

Myth 2: The Will Or Trust Must Be Perfect

You do want a will or trust that reflects your current goals. And any will or trust created by an attorney should be legally valid. However, there is nothing wrong with several iterations of the document until you finally agree on it.

But it is rare for a will or trust to be good forever. Your family status and your family’s needs change over time. You don’t need to set up a trust on behalf of minor children once your children reach the majority. A special needs trust is an option for special needs adults, but that should be utilized if the young adult is not competent. You need to keep up with the assets in the trust, such as adding new rental properties or investments.

A will is another document that needs to be updated as life goes on. Change the will as you add or lose heirs. You may want to name your grandchildren as direct heirs, skipping over their parents. You must update a will upon divorce or remarriage, because Arizona community property laws may override your wishes if you have two feuding families upon your death. Allocate property or money to each current and former spouse as well as their children.

Myth 3: You Have To Update The Will Or Trust Every 3-5 Years

This isn’t true, but attorneys love to bill you for the time spent assessing your legal documents. In reality, your will or trust only needs to change along with your life circumstances. Update your will if you no longer want X to inherit Y. Update your will if the witnesses have passed away or you want to name someone else to be the guardian of your children. A will that provides for your children is not suddenly invalidated if the firstborn turns 18. It should be updated if your oldest child is left disabled after a car crash or your spouse can no longer take care of themselves.

Note that your will must be updated when you move across state laws. If you’re retiring to Arizona, talk to a Chandler AZ estate planning attorney to draw up an Arizona will. A will or trust that was written in accordance with another state’s laws may not be valid. And it could be difficult for someone now living on the other side of the country to be the executor of your estate.

Myth 4: All You Need Is A Will Or Trust

A 19-year-old joining the military may get away with only a will. As you age and accumulate assets, you need an estate plan. An estate plan starts with an overarching vision. What do you own? What do you owe? Who do you want to inherit your property? Who do you need to take care of?

You could use a variety of methods to implement an estate plan, though a will and trust are part of that plan. For example, an estate plan may include life insurance to pay off debt or inheritance taxes. Or you may list your desired heirs as a beneficiary of your retirement accounts and bank accounts. Those designations typically outweigh whatever you say in your will.

Myth 5: Your Heirs Will Fight At Probate

While this is a possibility, you can reduce the odds of it occurring by having a good estate plan in place and informing everyone of what will happen upon your death. You might even ask them what they would prefer to happen. Then you don’t leave a family home or business to an heir who would sell it if they inherit it. Consider how you can divide property and cash so that anyone who prefers cash can be bought out by their siblings or other relatives. Don’t divide ownership of a home or other large asset. You’ll leave them feuding every time a decision needs to be made.

Myth 6: Your Spouse/Oldest Child Must Oversee Probate

While it is common for a will to name a next of kin as the executor, they don’t have to be. You can name your attorney as the executor of your will. Furthermore, you can name a friend, attorney, or bank official as the administrator of a trust, whether it is set up upon your death by your will or created while you were alive.

Myth 7: Wills & Trusts Are All You Need

A trust may go into effect while you’re alive or upon your death. A will only go into effect when you die. Yet a large number of us will be incapacitated at some point while we’re still alive. If you don’t have a medical and financial power of attorney in place before this happens, your family will have to go to court to determine who can make decisions on your behalf if and until you recover. Choose someone to make medical decisions as a medical POA agent that shares your values. You may want to choose a non-relative so that the decision to withdraw life support is not as contentious. You can designate almost anyone as an agent for financial power of attorney. For example, you could have a co-owner of your business take over management until you’ve recovered. This won’t affect the rights your heirs have to the business when you die.

Last Will & Testament FAQs

This depends highly on the complexity of your estate and other variables that need to be taken into account. Keep in mind that when you hire a specialized attorney to make your will as well as any other documents needed for your estate planning, you are not paying for the documents themselves but for the advice and knowledge necessary for making the documents correctly, making sure that everything can be carried out following the federal and state laws. You’ll find plenty of options for a will in the $300 – $900 price range; do a Google search right now or look in your mailbox at some of the ads, and you’ll certainly find them. Just like cars and homes, you can find one at just about any dollar range imaginable. There are two components you should know about the price being quoted for the Cheap wills. There is the price you pay in dollars, and then there are the hidden payments you make in terms of “doing it yourself,” wasted time, frustration, and uncertain quality. We all know that “you get what you pay for”; so how do these cheaper options claim they can offer the same thing for so much less?

There are some instances where you should leave some assets and provisions out of your will. Assets such as life insurance policies or retirement funds, or pretty much any assets that already have a named beneficiary should not be included in a will, because the asset will automatically be passed on to the beneficiary. making it unnecessary to include them in your will. Another example of assets that should not be included in a will, is any property that is jointly owned. pretty much the whole point of this kind of property is that it will be automatically transferred to the surviving part, thus, making it unnecessary to include it in a will. The same goes for a property that is already included in a trust. When you put the property in a trust, it becomes part of it and it is subject to the trust rules. so adding this property to a will, could cause inconsistencies and delay both processes. A will and a trust should work complementary and not against each other.

It is not required by Arizona law that your will be notarized. However, you can make your will “self-proven” by going to the notary with the witnesses and signing an affidavit proving who you are and that you all are aware of the signing of the will. This could expedite the probate process by eliminating the need from the court to contact the witnesses who signed the will.

It is always recommended to store your will in a location where it can be safe from any damage or getting lost. keep in mind that once you die, the executor of your will is required to present the original copy to the probate court, so it is of vital importance that the executor knows where to find the will and has access to it. For example, if you are going to store the will in a safe, then you’d need to tell the executor where the will is and what is the combination of the safe. Another option would be to leave the will with the executor, given the fact that they will be the ones presenting the will. However, in this case, the executor should be someone you trust in case you need to have your will back to make any changes in it.

Arizona law allows you to change or revoke your will at any time. You can do it by performing a revocatory act, such as tearing apart, burning, obliterating, or making unreadable all or any parts of your will. Also, you could create a new will and include a clause that mentions that this new will revokes the previous one. Alternatively, you could make a codicil to your current will. A codicil is an additional document that acts as an addition to your will. you can write it explaining what you want to change or remove from your will, sign it, have 2 witnesses sign it as you did with your will, and then keep both documents together. Upon your death, both documents will be read and interpreted together.
There are some basic requirements when it comes to the validity of a will. These basic conditions are that the will is written, whether it is handwritten, printed, or typed. Also, the will need to be signed by the testator and by two witnesses, which also need to be present during the execution of the will. However, since every case is different and there are different types of wills, there might be additional requirements to guarantee the validity of your will. We recommend getting in touch with a specialized attorney to make sure everything is in place and your document is completely ironclad.
Under the Arizona law, a will can be deemed invalid in court if the requirements necessary for it to be valid were not met, For example, if the testator did not have a sound mind when they signed the will, or if there was any fraud or undue influence over the testator at the time of the signing. Also, if the will has been replaced by a most recent will. It’s recommended to always seek counsel from a specialized attorney to verify the validity of your will.
No law in Arizona deems a will invalid if a family member of the testator signs the will as a witness. However, it is recommended to avoid using witnesses that have any interest in the outcome of a will; this could lead to further issues during the probate process. Expert attorneys always recommend using disinterested witnesses. In other words, people who are not meant to get any benefits after the execution of the will.
In Arizona, a will does not avoid the probate process. In fact, all wills must go through probate. The document must be filed in court and then the executor will gather all the information about the deceased person’s assets and debts, then they will proceed to cancel the debts and distribute the assets to the heirs.

An Introduction To Wills & Trusts

There are many myths and misconceptions about wills and trusts. Tragically, many of these are perpetuated by attorneys who literally profit from it. We’ll share many of the misconceptions about wills and trusts before sharing the truth.

In theory, your will can set up a trust. However, that won’t prevent your assets from going through probate if the will is what sets up the trust. If you want to avoid probate, set up the trust before you die. Furthermore, you need to fund the trust. This includes moving assets into the trust by making the trust the legal owner and updating accounts to make the trust instead of your heirs your beneficiary. Learn more about Trusts.

Myth 2: The Will Or Trust Must Be Perfect

You do want a will or trust that reflects your current goals. And any will or trust created by an attorney should be legally valid. However, there is nothing wrong with several iterations of the document until you finally agree on it.

But it is rare for a will or trust to be good forever. Your family status and your family’s needs change over time. You don’t need to set up a trust on behalf of minor children once your children reach the majority. A special needs trust is an option for special needs adults, but that should be utilized if the young adult is not competent. You need to keep up with the assets in the trust, such as adding new rental properties or investments.

A will is another document that needs to be updated as life goes on. Change the will as you add or lose heirs. You may want to name your grandchildren as direct heirs, skipping over their parents. You must update a will upon divorce or remarriage, because Arizona community property laws may override your wishes if you have two feuding families upon your death. Allocate property or money to each current and former spouse as well as their children.

Myth 3: You Have To Update The Will Or Trust Every 3-5 Years

This isn’t true, but attorneys love to bill you for the time spent assessing your legal documents. In reality, your will or trust only needs to change along with your life circumstances. Update your will if you no longer want X to inherit Y. Update your will if the witnesses have passed away or you want to name someone else to be the guardian of your children. A will that provides for your children is not suddenly invalidated if the firstborn turns 18. It should be updated if your oldest child is left disabled after a car crash or your spouse can no longer take care of themselves.

Note that your will must be updated when you move across state laws. If you’re retiring to Arizona, talk to a Chandler AZ estate planning attorney to draw up an Arizona will. A will or trust that was written in accordance with another state’s laws may not be valid. And it could be difficult for someone now living on the other side of the country to be the executor of your estate.

Myth 4: All You Need Is A Will Or Trust

A 19-year-old joining the military may get away with only a will. As you age and accumulate assets, you need an estate plan. An estate plan starts with an overarching vision. What do you own? What do you owe? Who do you want to inherit your property? Who do you need to take care of?

You could use a variety of methods to implement an estate plan, though a will and trust are part of that plan. For example, an estate plan may include life insurance to pay off debt or inheritance taxes. Or you may list your desired heirs as a beneficiary of your retirement accounts and bank accounts. Those designations typically outweigh whatever you say in your will.

Myth 5: Your Heirs Will Fight At Probate

While this is a possibility, you can reduce the odds of it occurring by having a good estate plan in place and informing everyone of what will happen upon your death. You might even ask them what they would prefer to happen. Then you don’t leave a family home or business to an heir who would sell it if they inherit it. Consider how you can divide property and cash so that anyone who prefers cash can be bought out by their siblings or other relatives. Don’t divide ownership of a home or other large asset. You’ll leave them feuding every time a decision needs to be made.

Myth 6: Your Spouse/Oldest Child Must Oversee Probate

While it is common for a will to name a next of kin as the executor, they don’t have to be. You can name your attorney as the executor of your will. Furthermore, you can name a friend, attorney, or bank official as the administrator of a trust, whether it is set up upon your death by your will or created while you were alive.

Myth 7: Wills & Trusts Are All You Need

A trust may go into effect while you’re alive or upon your death. A will only go into effect when you die. Yet a large number of us will be incapacitated at some point while we’re still alive. If you don’t have a medical and financial power of attorney in place before this happens, your family will have to go to court to determine who can make decisions on your behalf if and until you recover. Choose someone to make medical decisions as a medical POA agent that shares your values. You may want to choose a non-relative so that the decision to withdraw life support is not as contentious. You can designate almost anyone as an agent for financial power of attorney. For example, you could have a co-owner of your business take over management until you’ve recovered. This won’t affect the rights your heirs have to the business when you die.

Last Will & Testament FAQs

This depends highly on the complexity of your estate and other variables that need to be taken into account. Keep in mind that when you hire a specialized attorney to make your will as well as any other documents needed for your estate planning, you are not paying for the documents themselves but for the advice and knowledge necessary for making the documents correctly, making sure that everything can be carried out following the federal and state laws. You’ll find plenty of options for a will in the $300 – $900 price range; do a Google search right now or look in your mailbox at some of the ads, and you’ll certainly find them. Just like cars and homes, you can find one at just about any dollar range imaginable. There are two components you should know about the price being quoted for the Cheap wills. There is the price you pay in dollars, and then there are the hidden payments you make in terms of “doing it yourself,” wasted time, frustration, and uncertain quality. We all know that “you get what you pay for”; so how do these cheaper options claim they can offer the same thing for so much less?

There are some instances where you should leave some assets and provisions out of your will. Assets such as life insurance policies or retirement funds, or pretty much any assets that already have a named beneficiary should not be included in a will, because the asset will automatically be passed on to the beneficiary. making it unnecessary to include them in your will. Another example of assets that should not be included in a will, is any property that is jointly owned. pretty much the whole point of this kind of property is that it will be automatically transferred to the surviving part, thus, making it unnecessary to include it in a will. The same goes for a property that is already included in a trust. When you put the property in a trust, it becomes part of it and it is subject to the trust rules. so adding this property to a will, could cause inconsistencies and delay both processes. A will and a trust should work complementary and not against each other.

It is not required by Arizona law that your will be notarized. However, you can make your will “self-proven” by going to the notary with the witnesses and signing an affidavit proving who you are and that you all are aware of the signing of the will. This could expedite the probate process by eliminating the need from the court to contact the witnesses who signed the will.

It is always recommended to store your will in a location where it can be safe from any damage or getting lost. keep in mind that once you die, the executor of your will is required to present the original copy to the probate court, so it is of vital importance that the executor knows where to find the will and has access to it. For example, if you are going to store the will in a safe, then you’d need to tell the executor where the will is and what is the combination of the safe. Another option would be to leave the will with the executor, given the fact that they will be the ones presenting the will. However, in this case, the executor should be someone you trust in case you need to have your will back to make any changes in it.

Arizona law allows you to change or revoke your will at any time. You can do it by performing a revocatory act, such as tearing apart, burning, obliterating, or making unreadable all or any parts of your will. Also, you could create a new will and include a clause that mentions that this new will revokes the previous one. Alternatively, you could make a codicil to your current will. A codicil is an additional document that acts as an addition to your will. you can write it explaining what you want to change or remove from your will, sign it, have 2 witnesses sign it as you did with your will, and then keep both documents together. Upon your death, both documents will be read and interpreted together.
There are some basic requirements when it comes to the validity of a will. These basic conditions are that the will is written, whether it is handwritten, printed, or typed. Also, the will need to be signed by the testator and by two witnesses, which also need to be present during the execution of the will. However, since every case is different and there are different types of wills, there might be additional requirements to guarantee the validity of your will. We recommend getting in touch with a specialized attorney to make sure everything is in place and your document is completely ironclad.
Under the Arizona law, a will can be deemed invalid in court if the requirements necessary for it to be valid were not met, For example, if the testator did not have a sound mind when they signed the will, or if there was any fraud or undue influence over the testator at the time of the signing. Also, if the will has been replaced by a most recent will. It’s recommended to always seek counsel from a specialized attorney to verify the validity of your will.
No law in Arizona deems a will invalid if a family member of the testator signs the will as a witness. However, it is recommended to avoid using witnesses that have any interest in the outcome of a will; this could lead to further issues during the probate process. Expert attorneys always recommend using disinterested witnesses. In other words, people who are not meant to get any benefits after the execution of the will.
In Arizona, a will does not avoid the probate process. In fact, all wills must go through probate. The document must be filed in court and then the executor will gather all the information about the deceased person’s assets and debts, then they will proceed to cancel the debts and distribute the assets to the heirs.

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