ANSWERS TO QUESTIONS AND THE CHOICES YOU HAVE REGARDING:
- Living Trusts
- Living Wills
- Estate Taxes
- Minor Children
Having a Will or Living Trust prepared is one of the most important things you can do to protect yourself, your family and your estate should you die or become incapacitated. We at Arizona Wills and Trusts, LLC firmly believe that a well-informed consumer can make the best decisions for his or her family. From our experience, important decisions should be well planned in advance and not made in a time of family crisis.
If you have minor children, you forfeit to the state, your right to name guardians for your children, and your right to select the age at which your children receive their inheritance. The state will give your children all of their inheritance at age eighteen to spend however they want. In our years of experience, we have found that most eighteen-year-olds are incapable of properly managing and wisely spending what you have worked for all your life.
Without properly prepared documents, if you become incapacitated, your family may incur the unnecessary costs of court appointed guardianship or conservatorship proceedings.
Further, many people think that Joint Tenancy avoids probate. Joint Tenancy does not avoid probate, it only delays it. In addition, Joint Tenancy may result in two probate proceedings if the couple dies simultaneously.
All of these legal dilemmas and costly court proceedings can be avoided if you have the proper documents prepared before your death or incapacity.
Other common misperceptions concern life insurance proceeds and retirement benefits. Life Insurance passes to your beneficiaries free of income tax, but it may be subject to Federal Estate Taxes. Some retirement account funds are also included in the estate and may be subject to income tax as well as estate tax.
The information in this website is being distributed as a public service by Arizona Wills and Trusts of Tucson, LLC. It is intended as general information and is not legal advice. Only a licensed attorney can provide legal advice. Because individual circumstances may vary, it is recommended that you consult with an experienced professional regarding your individual needs.