12
May

Do I Really Need a Will? The Importance of Having a Last Will and Testament

No one likes to think about death and what will happen after here on Earth, but it is undeniable that death can show itself at any time. Unless you have a secret potion or know someone capable and willing to bring you back from death (Yes, that was a Game of Thrones reference), your time here is done once you take your last breath. This all the reason to have a valid and up- to- date will before that day comes.

Many people are under the impression that because they do not have many assets, they should not bother with executing a will. What people like this fail to appreciate is that most people, even people with few assets, usually have possessions that they want to end up in the right hands after dying. For instance, most people have vehicles, family heirlooms, and jewelry at the time of death. It makes sense to have control over who gets what instead of having a stranger decide for you.

If a person passes away without a will, the person is considered to have died intestate and anything the person owned will be distributed according the Arizona Intestate Succession laws. Arizona has set up laws that determine who will receive what and in what order. A number of factors come into play at this stage, such as whether or not the decedent was married, how many children he had, and who has died before him. This stage can be especially complex in Arizona since Arizona is a community property state. It is often difficult to determine what is considered community property and what is sole and separate property between the decedent and his spouse. This is compounded with the fact that going through probate without a will can be costly for the decedent’s loved ones and often lead to familial strife.

Whether you are young, old, rich, or poor, everyone can learn something from Prince’s death and why it is vital to have a will. On April 21, 2016, many were saddened to hear of the singer’s death but later were surprised to hear he died intestate. Now there are reports that potential family members are coming out of the woodwork claiming to have a stake in his estate. A number of individuals, including an inmate in a high security prison, have come forward claiming to be an heir and have requested DNA tests. Clearly Prince’s death is an extreme example of the effects of dying intestate, but it surely shines light on the importance of having a last will and testament. His family members, like many across the country, are going to spend thousands of dollars in attorney fees and court costs to determine how the estate is to be distributed; something that could have easily been avoided if the decedent had a will.

I have been drafting wills for my clients for over twenty years and take pride in precisely describing how my clients’ estate is to be distributed. If you have any questions about executing a last will and testament, fell free to contact my office and I will happy to speak to you.