INHERITANCE PLANS

IN ARIZONA – PART 2

Larry Deason and Shawn Garner Estate Planning and Elder Law Attorneys in Yuma Arizona

“In this second discussion of incapacity planning in the State of Washington, we are going to look at

some practical issues and specific tools”

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While your plan may or may not include these tools, it's important to remember that you won't know what you need to make until you take the time to talk to your lawyer

In this second discussion in our two-part discussion on inheritance plans in the state of

Arizona, we're going to take a closer look at some of the specific tools that people who

develop inheritance plans tend to use. While your plan may or may not include these

tools, it's important to remember that you won't know what you need to make until

you take the time to talk to your lawyer. No two inheritance plans are identical, and

you have to be assured that your plan will meet each and every one of your needs.

Your Last Will and Testament

The simplest, and most well-known, inheritance planning device available to people in

Arizona is the last will and testament. More commonly referred to as a will, a last will

and testament is an essential inheritance planning tool. Even people who use more

complicated inheritance tools will usually use a last will and testament as a

foundational piece of their plan.

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Through a will you get to not only make inheritance choices, but you also get to make

other important decisions that are closely related to the inheritance planning process.

For example, after you die someone will need to take over the property you leave

behind and manage it until new owners can be identified. This person, known as your

personal representative or your executor, is someone you can choose when you create

your last will and testament. If you don't have the will and don't nominate an executor,

you leave it up to an Arizona court to appoint someone of its choosing.

Transfers Outside of Probate

While a will is an essential part of the inheritance planning process, it's not the only tool

you can, nor should, use. This is

because all of the inheritance

choices you make through a last

will and testament will be subject

to the probate process. Probate

is a collection of legal

requirements and procedures

that apply to the property left

behind by a deceased person.

When you make inheritance

choices through your will, the

property you choose to distribute through that document will have to go through

probate before the new owners can take possession.

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On the other hand, there are other inheritance planning tools that will allow you to

transfer property outside of the probate process. This means that your inheritors will

not only be able to inherit their property more quickly, but it will also likely mean that

your estate will have to pay fewer probate related expenses.

Inheritances and Trusts

As an example of probate avoidance tools that you can use in your inheritance plan, you

might want to consider the revocable living trust. Like all trusts, a revocable living trust

is a kind of legal entity that exists

independently of the person who

creates it. After you create your

trust you will transfer some or all of

your personally owned property

into the trust's name. Because you

created the trust, you will also get

to decide who manages the

property, and who gets to use it. In

most situations, people who create

a revocable living trust choose

themselves as the beneficiary and the trust manager, effectively meaning that property

you place in the trust's name will never be outside of your control.

But the big benefit to a revocable living trust calms when it comes time to distribute

your inheritances. Because trusts can continue to exist after you die, you can choose to

direct how it will distribute its property after you are gone. You can, for example,

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choose to leave inheritances outside of the probate process by directing your trust to

distribute your property in the exact same way you would have if you made a last will

and testament that included your inheritance planning choices.

Developing an Inheritance Plan Requires Legal Advice

Regardless of your age, financial circumstances, or inheritance goals, developing an

inheritance plan in Arizona is

something you should only do with

the advice and guidance of an

experienced lawyer. While much of

what you read on the Internet can

lead you to believe that developing

an inheritance plan is simple, the

reality is far more complicated.

Your plan has to take into account

your unique, individual

circumstances, and balance your desires against your legal options.

If you have yet to do so, you should contact us as soon as possible so we can discuss

what your legal options are. Only after we understand what you want can we advise you

about what choices you should make to accomplish your inheritance planning goals.

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About the Authors

Larry Deason and his staff have been providing quality legal services for clients since 1971. Their mission is to assist people who are concerned about protecting their families from the devastating legal and financial impacts of disability, death, and taxes. Because he believes in the importance of an informed public, Deason spends considerable time educating consumers about Estate Planning issues. He writes a monthly Estate Planning column in The Sun, and the firm he regularly conducts Free monthly seminars on various Estate Planning topics. Deason and Garner, along with their staff, that in many instances, Living Trusts offer clients a proven and powerful tool for protecting their families from the expense and delay of probate, as well as a strategy for eliminating or minimizing federal taxes. Deason’s firm is staffed with paralegals and consultants who are experienced and trained in a variety of Estate Planning areas. The aim of each member of the firm is to help clients accomplish their Estate Planning goals while taking the mystery out of the whole process. We take pride in knowing that our clients feel “peace of mind” once the planning process is completed. The firm is always available for both Arizona residents and visitors alike to offer additional information about options with available with estate planning.

Deason Garner Law Firm 242 West 28th Street, Suite A

Yuma, AZ 85364 Phone: (928) 783-4575

www.DeasonGarnerLaw.com

Larry Deason Shawn Garner