Consumer's Guide to Living Trusts & Wills in Arizona
Living trusts and wills are legal instruments that allow a person to set forth what should happen to their property upon death. Consumers in Arizona should be aware of the requirements for each to be valid.
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Living Trusts
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A person or his attorney can create a living trust. To be valid, a trust must be in writing, describe the property in the trust, name the person who is to receive the property (the beneficiary) and select a person to control the trust (the trustee). The person must sign the final trust in the presence of a notary, who will also sign the document. One benefit of a trust is that the property will pass to the beneficiary without a long and costly probate process.
Will Requirements
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When a person dies, her will is submitted to the court for probate. In Arizona, a will cannot be entered for probate unless basic requirements are satisfied. The testator, the person making the will, must be no less than 18-years-old and "of sound mind." Additionally, the will must be in writing, signed by the testator in the presence of two witnesses and contain the witnesses' signatures.
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Amended or Revoked Wills
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An amended will can still be entered for probate if the codicil, the document with the changes, is signed under the same procedures as the original will.
The testator has the right to revoke his will at any time. Revocation occurs when a testator signs a new will or when he physically destroys the will by marking, tearing or burning.
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