Clarify Your Wishes and Support Your Loved Ones with a Last Will & Testament
Whether your estate plans are minimal or complex, a solid Last Will & Testament should be at the foundation. This document enables you to clarify your final wishes and that reduces uncertainty in the family. Your Will can also serve as a safety net to properly direct any property that does not get channeled into your trust or transferred through other means.
The team at Mazza + Niro, PLC works with you to create a Will tailored to your specific needs and goals. Your Will can be used to name a guardian for minor children. If your estate plan is built around a Revocable Living Trust to avoid probate, your Will can direct all assets into the Trust to distribute according to your plans. We work to develop a Will designed just for you.
Designate the Person to Manage Your Estate
One of the most important ways that a Will reduces strife and uncertainty among loved ones is by designating the person you have chosen to be in control of your affairs after you pass away. When you nominate an executor, also known as a personal representative in Arizona, your preferences for leadership are made quite clear.
If you do not prepare a Will, then the court must choose an administrator based on preferences established under Arizona law. This can lead to costly disputes in court, and could result in the selection of someone you would not find suitable for the role.
Your Personal Representative will be responsible for administering your estate. They will need to determine whether a probate court case is required or whether they can collect your estate through Arizona’s small estate procedures. Additionally, they will need to fulfill a number of legal requirements to ensure that all final debts are paid and that assets are managed correctly until those assets can be distributed to your named devisees. Creating your Will allows you to evaluate candidates and choose the person you believe is best qualified. You might choose to nominate a professional such as a licensed private fiduciary in order to reduce the burden on your loved ones.
Protect Your Loved Ones
It is vitally important to prepare a Will if you have minor children or could have children in the future. While it can be very difficult to contemplate a future where you will not be present to raise your children, knowing that you are prepared in case the unthinkable happens can allow you to rest easy. In your Will, you can nominate prospective guardians for your children and name alternates in case the individuals selected as initial guardians are unable to serve in the role.
Creating a Pour-Over Will to Use in Combination with a Revocable Living Trust
Many clients choose to build their estate plans around a Revocable Living Trust so that their assets can pass quickly and easily to loved ones outside of the probate process. If you have created this type of Trust, you know that the goal is to keep property out of your estate so that probate will not be necessary. Since a Will directs the disposition of property in your estate, it may seem logical to think that you don’t need a Will if you have a Revocable Living Trust.
However, sometimes property does not get transferred into the Trust. If you don’t have a Will, then that property will be distributed according to the Arizona laws of intestate succession rather than your preferences. Assets could go to a family member you are estranged from, instead of the person you wanted to have them. We create Pour-Over Wills to prevent this from happening. A Pour-Over Will acts as a backup plan to funnel any property left in your estate into your Trust.
Mazza & Niro, PLC Can Create the Right Will for Your Needs
It can be heartbreaking to see what happens when a loved one passes away without preparing a Will. Family members can be torn by uncertainty and devastated by the feeling that they were not loved.
Let Mazza + Niro, PLC secure your family’s future by preparing a Will designed to support your objectives for your loved ones. Schedule a confidential consultation with us today to get started. Contact us online or call us at 480-923-5427.