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What is a Will?

What is a Will?
A Will is a legal document in which you give instruction on how your assets will be distributed and how debts will be repaid following your death.  A Will helps you protect items of family or sentimental value from being sold in the court's estate administration process.  Without a Will, a deceased's property will be distributed according to the state intestacy statute, which vary by state, or may escheat (be forfeited to) the state.  This may take longer and cost more than if there is a Will.  Your estate might wind up being administrated by a total stranger appointed by the court.  In your Will, you name an individual known as a Personal Representative, in Arizona, to carry out your wishes.  Your chosen representative transfers your property to the people you have designated and pays off any debts under the supervision of the Probate Court.

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I am glad you found the information in this blog helpful. Many people believe that they don't need to have a Will; however, it is very important to have a Will. In Arizona, if a person dies and their estate consists of personal property that is valued over $50,000 and their real property is valued over $75,000 in equity, the estate needs to be probated. If the deceased person does not have a Will, the estate will be probated intestate. That means there will be a Personal Representative appointed by the court, which may or may not be related to the deceased, depending upon family members that would be willing to apply to the court for appointment of the Personal Representative of the estate. Otherwise, the estate is administered and distributed by someone that is appointed by the State. If the deceased has a Will, the Personal Representative, which was chosen by the deceased and is named in the Will, shall be able to apply and be appointed by the Court to administer and distribute the estate in accordance with the wishes set out in the Will by the deceased.
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