Do you have a will? If not, you may be worried about what will happen to your property when you die. Because there is so much misinformation surrounding estates, Prescott Tax and Paralegal wants our Prescott clients to know the facts about probate.When folks come to see us for a consult, they often say something like, “I better do a Will or the State will get my stuff when I die, right?”
Myth: The State will get your stuff if you don’t have a Will.
Truth: It is unusual for the State to become the beneficiary of your property when you die.
Arizona laws specifically address who will get your property if you do not have a Will. Laws covering probate are found in A.R.S. § 14-2101 to 2114.
Here’s the brief version (which does not include all the complexities):
- If you are married, your spouse and your children from a prior relationship inherit.
- If you are single, but have children, your children inherit. If a child died first, then that child’s children (your grandchildren) inherit in place of the deceased child.
- If you are single, without children or grandchildren, then your parents inherit.
- If you are single, without children, and your parents are deceased, then your siblings inherit; if they are deceased, your nieces and nephews inherit.
- If you are a single, orphaned, only child, then your living grandparents inherit.
- If you are a single, orphaned, only child, with no living grandparents, your aunts and uncles inherit; if they are dead, then their living descendants inherit.
Are there are times when the State will get someone’s property? The answer is yes, but it is unusual. Prescott Tax and Paralegal is your local Prescott resource for estate planning and we can help you prepare the right documentation to protect your assets. For legal advice, we can refer you to an attorney. For legal documentation preparation, or to schedule a consultation, call 928-778-3113. For more information on services we offer, please visit http://www.PrescottTax.com.
No comments:
Post a Comment