Flagstaff Testamentary Will Lawyer
A testamentary will, also known as a Last Will and Testament, is a legal document which outlines what you would like to happen to your estate when you pass away. This includes:
- naming specific gifts;
- dictating the distribution of the remainder of your estate;
- naming a personal representative to manage your estate, and the powers that person representative is given;
Wills are extremely important documents for people with minor children and pets. Unlike a trust, wills are the only documents with the legal authority to designate guardianship after death.
Anyone with assets or minor children should consider a will a priority. It is an essential decision to keep the State from deciding where your estate goes and who will be the guardian for your children. If anything should happen to you, a will and/or a trust is the only way to ensure that your family will be taken care of the way you desire.
TYPES OF WILLS
Arizona Statute dictates what is counted as a valid will in Arizona. Generally, a valid will is one that is original and unrevoked. This includes Non self-proving wills, self-proving wills, holographic (or written) wills, electronic wills, and pour over wills.
NON SELF-PROVING WILLS
Non Self-Proving wills must be in writing, signed by the testator (the person who a will is intended for) and at least two witnesses.
Non self-proving wills are subject to the probate process and require their legitimacy verified by the court. This usually includes calling upon the witnesses of the will to verify it.
SELF-PROVING WILLS
Self-Proving wills must also be in writing, signed by the testator and at least two witnesses. In order to be self-proving, it must also be signed by a notary (a person authorized by the state to act as an impartial witness to certify certain documents).
While self-proving wills still have to go through probate, they do not need to be verified by the court. Having a valid notary signature proves their legitimacy.
HOLOGRAPHIC WILLS
Holographic, or handwritten wills, are wills that are either handwritten by the testator or using a valid fillable template. Holographic wills do not have to be witnessed.
Having a holographic will can make the probate process more complicated because they can easily be contested. Holographic wills do not have a strong defense for validity, especially if they are not signed by witnesses or a notary. While they can still be proven valid within a court, it will require no one contesting it (which is highly unlikely).
ELECTRONIC WILLS
Electronic wills are wills that are electronically written and maintained in an electronic record. These wills, while allowed to be electronically signed, must be witnessed either in person or electronically by at least two witnesses. They also must contain additional proof of identification, this includes some form of state issued ID.
Holographic wills and electronic wills both go through a much lengthier probate process because while they can be accepted as valid wills, the validity of their originality, signatures, and/or witnesses can be easily contested.
POUR OVER WILLS
Pour over wills are made in conjunction with a Trust. This document is seen as an extension of the trust. If a person forgot to include assets in their trust, if the asset is over a certain threshold level, that property will need to go through the probate process. As part of the probate distribution, the asset will the “pour over” into the trust.
TESTAMENTARY TRUSTS
Under Arizona law a child becomes an adult at the age of 18-years-old. Most parents today prefer to protect assets until their children reach a mature age. Through the use of a testamentary trust, a document set up by your will, assets can be protected for children beyond the age of 18-years-old.
ALREADY HAVE AN ESTATE PLAN?
An estate plan is an arrangement you always want to make sure is up to date. It may become important for you to amend your current estate plan to ensure it still reflects your life plan and wishes. We recommend reviewing your estate plan every 3-5 years to confirm your plan is still aligned with your intentions.
When you need to update your estate plan:
- A death in the family;
- If you want a new trustee for your trust or personal representative for your will;
- A birth in the family;
- A divorce;
- A new marriage;
- If you want to disinherit a child;
- If you want to add or change beneficiaries, including a charity;
- If one for more of your beneficiaries predeceased you;
- If any of your beneficiaries have special, or changes, need that you want your estate plan to address.
- If you received an inheritance or additional assets;
- If you want a new person to have power of attorney (healthcare or durable financial);
- New tax laws may have been enacted since you created your estate plan
Other big life events may trigger the need to amend or update your estate plan. Ultimately, you should consider amending or updating your estate plan whenever your relationships, goals or assets have changed. Additionally, documents may need to be updated as new tax laws are in place. At Glazer, Hammond & Smets, PLLC we can amend, restate, or draft new documents so your estate plan is up to date and in line with your desires.
With over 50 years of combined experience, we can help. Our firm possesses the dedication, determination, and compassion necessary to help you successfully plan for the future. Call us at (928) 213-5916 or Contact Us Here to speak with one of our experienced Flagstaff estate planning attorneys!
