Every adult should have documents in place which will distribute their real and personal property to their desired beneficiaries upon their death. A Will ensures that your property goes to the person(s) that you want to receive that property after your death. If you do not have a Will your property will go to various family members as dictated by the Arizona statute that governs situations where people die without a Will.
A Will is a document dated and signed by an adult called the testator, witnessed by two (2) other adults, and typically also notarized.
The Will identifies the testator’s marital status and family members. The Will states what happens to the testator’s property after the testator dies. The Will names a Personal Representative who will act in the place of the testator after the testator dies. The Will indicates whether or not the personal representative has to post a bond.
If you are the parent of minor children, your Will should nominate persons to serve as Guardian for your children in the event of your death.
If you have a Trust, you should also have what is called a Pourover Will that determines what happens to any property that you may have inadvertently left out of the trust ownership. The Pourover Will takes any assets that need to be probated and pours them from the probate estate into the Trust and from there those assets are distributed to the Trust beneficiaries.