Not sure which one is right for you? Living wills are usually handled wills and trusts probate court, where the court will help supervise that your last will is carried out as you intended. What Happens if the Remainderman in a Life Estate Deed Dies?
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Subcategories This category has the following 7 subcategories, out of 7 total. Pages in category “Wills and trusts” The following 154 pages are in this category, out of 154 total. This page was last edited on 28 September 2013, at 10:00. 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.