What is a will?
A will is a written document that directs the disposition of a person's property after his or her death. A will nominates one or more "personal representatives," sometimes also referred to as "executors," to manage and distribute the estate. A will can also nominate a person to serve as a guardian and/or a conservator for a minor child or incapacitated adult.
What happens if a person dies without leaving a will?
Any assets in his or her estate will be distributed according to Arizona laws that designate which family members, or "heirs," will receive assets.
Does a will affect all assets?
Assets for which you have set up a different method of transfer, such as beneficiary designations, payable on death (POD) accounts, transfer on death (TOD) accounts, joint tenancy with right of survivorship, community property with right of survivorship, and/or titled into the name of a Trustee, are not affected by a will. Remember to check whom you have named as beneficiary on any IRAs, annuities, life insurance and/or retirement plans. You can also name a beneficiary for your car, and record a beneficiary deed for real property. Assets with these kinds of transfer mechanisms automatically pass to the surviving owners or named beneficiaries.
Can a will be changed?
A will can be changed or revoked any time before death. Often simple changes are made by an amendment called a "codicil."
Does a person need a large estate to have a will?
No. Any person wishing to designate who will receive their assets at death should have a will. Individuals with minor children will want a will to nominate a guardian and to manage the assets for the minor children in a trust (which may be created under the will) and/or a custodial account.