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WILL
A Will is simply a document that expresses the wishes of a person on
the distribution of their property when they pass. Arizona requires,
by law, that a formal will be made by a competent person (at least 18
years of age and with the proper mental capacity) in writing and
signed by two witnesses. Additional elements such as notarizing are
not required but are very helpful in protecting the Will against
claims it is invalid. NOTE: Oral Wills are not valid in Arizona. |
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HOLOGRAPHIC WILL
If a person wishes to avoid the formalities of the standard Will a
holographic Will can be used. This type does not require witnessing or
notarizing. However, the material provisions (such as who gets what
using specific information) must be written by the individual in his
or her own handwriting and signed by them. If portions of the Will are
typed it may not meet the requirements of “material provisions” and
may not be valid. This is a common problem with Will Kits. The
handwriting will also have to be authenticated if someone later argues
the Will is invalid. |
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LIVING WILL
This is a document that states a person’s intent not to receive
certain medical treatment. Generally the person must be terminally ill
and unable to communicate at the time the treatment is withheld for
the Living Will to be effective to relieve medical personnel from
liability. The Living Will must meet the same formalities as a Will
(i.e. it must be signed and witnessed). Living Wills can usually be
tailored somewhat to meet each individuals wishes in relation to
health care. |
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TRUSTS
Generally trusts are a way of holding property for a beneficiary.
There is a donor of property to a trust, a trustee who maintains the
trust and one or more beneficiaries. Trusts can take numerous forms
and can be used for a variety of purposes from providing support to a
loved one to aiding in avoiding taxes on very large estates. |
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LIVING TRUSTS
Also called inter vivos trusts. This is a type of trust that is used
as a tool to pass property at death without having to go through
probate. Property of an individual is put into the trust by transfer
of title and then distributed directly to the beneficiaries after the
individual’s death. Because Living Trusts are more complex than Wills
the cost of creating them can be much greater. It is important for
each individual to balance the cost of a living trust versus the
benefits of avoiding probate. Avoiding probate fees alone may not be
enough to defray the costs. See “Links” for a list of probate fees in
Pima County Probate Court. |
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