Estate Planning 101, Last Will and Testament

A Scottsdale last will, also known as a last will and testament, is a legal document that provides directions as to what needs to be done after your death. A Scottsdale last will is a very important tool when it comes to estate planning and it is important that you understand what it does and does not include.

1. Unlike a living will, a last will is a document that has nothing to do with your health care and health care decisions that will need to be made, instead is deals with your assets and estate.

2. This document will outline a name or names of beneficiaries that you would like your property to go to. For example, you can include in the last will that you would like all of your money to be donated to charity or split between your children or grandchildren. You can get very specific as to who you want to receive what, as well as set specific ages on when and how much money the beneficiary will receive at a certain age.

3. You can also name another beneficiary or the same beneficiary to inherit your property and how and when they will inherit the property.

4. If you happen to have a child who is a minor, you will list in the last will who you would like to be the guardian of your child until they legally become an adult.

5. It is important to know that even with a last will you may be subject to probate. However, if you choose to not set up a last will, the probate court will make all of the decisions of who receives what, for you according to state law.

6. A last will becomes public knowledge at the time of your death.

7. It is also very important that you keep your Scottsdale last will up-to-date. If you have another child you must update your will. If you happen to get married or divorced it is important that you update your last will as well.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.