Estate Planning: Common Questions About Wills
1. What is a will? A will is a legal document that expresses a person's wishes as to how their property should be distributed after their death and names a personal representative that should manage the distribution of that property.
2. Is the will I drafted before I moved to Arizona still valid? Yes, if your will was valid in the state where it was executed, it is still valid in Arizona. Although, it is a good idea to update your will in Arizona.
3. Does a will avoid probate? No, but a properly created will can help minimize probate expenses. In order to avoid probate, other estate planning strategies (ex: trusts) can be implemented.
4. Will all my property automatically pass under my will? No, some of your property may pass outside of your will. For example, if you have a life insurance policy, the proceeds of that policy will be payable to the listed beneficiaries, regardless of what is written in your will. It is a good idea to periodically check your life insurance policies and review/update your designated beneficiaries.
5. Where should I keep my will? The best place to keep your will is where your family members would be able to easily access it. If it is locked in a home safe, or in a safe deposit box at the bank, your family members may not be able to easily access it.
Contact Brown & Hobkirk today to request your free estate planning consultation!