Last Will and Testament

A Last Will and Testament is the most basic and simplest way to provide for the dispersal of your property when you die.  There are certain criteria that must be met in order that your Last Will be valid; and in some instances that criteria can vary on a case by case basis.  For this reason it is important to consult with an experienced attorney whom is familiar with Last Wills and their proper drafting requirements before you start.  A Last Will and Testament is not one size fits all.  However, when your Last Will is properly drafted and if your estate meets the criteria set forth by Arizona Law (see below), it is possible that your Last Will may even keep your estate out or Probate.

In the State of Arizona, criteria has been set forth in the state law which dictates when an estate may avoid Probate.  In a nutshell, if your Personal Property is worth less than $50,000.00 and your Real Property has less than $75,000.00 in equitable value (cash value), then your estate ‘may’ avoid Probate using only a Last Will and Testament.  However, if you exceed either of those dollar amounts or other factors apply, even with a Last Will, your estate may be on its way to Probate.  The only way to know for certain is to consult with an experienced attorney whom understands the law with whom you can visit and then make a determination regarding which estate planning tool is best for your estate.  Often times estate planning attorneys will even visit with you about your estate in a free consultation. A person shouldn’t have to pay to understand how Arizona Law will impact their estate.  This office ALWAYS does a free consultation regarding your estate to help you understand and determine if only a Last Will is sufficient for you, or if you need a Revocable Trust.

As a last note, Personal Property is all of your property which you own and which is movable; meaning it can be transferred from one place to another.  When you think of Personal Property, think of vehicles, furniture, tools, appliances, clothing, money, and at times even bank or financial accounts.  Real Property on the other hand is that property which you own which cannot be easily transferred from one place to another.  When you think of Real Property, think of Land and Homes.