Sign Arizona Banking Living Will Simple

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hello and welcome to life plan legal arizona's estate planning elder law and probate Q&A today's question is what happens if I die in Arizona without a will in Arizona and other states if you die without a will it means you have died intestate the probate court in Arizona oversees and administers the intestacy laws that determine how your property is distributed after your passing this property includes your bank accounts your investment accounts real estate cars and other assets that you own at the time of your death if you own real estate in a different state such as a vacation home in California or a condo in Nevada a second home in Utah or investment property elsewhere each property will be handled under the intestacy laws of the state where that property is located if you own property outside of Arizona you may want to watch our video on living trusts for ideas on how to make sure that your out-of-state property is handled the same way that you're in state property is handled and avoid probate in multiple states and multiple jurisdictions the way the intestacy laws are applied varies depending on whether you're single or married at the time of your passing or if you have children most of the time your property will be distributed or split between your heirs this could include your surviving spouse your children parents siblings aunts uncles nieces nephews and distant relatives in cases where no relatives can be found the entire estate goes to the state so let's talk about a few scenarios what happens if you die without a will and you're single and have no children your estate will be distributed in the following order first to your parents if they're still alive if your parents pre decease you then your estate will go to your siblings including half siblings if there are no living parents no siblings your estate will pass to your grandparents one-half to your paternal and one-half to your maternal grandparents if they're both alive if you get this far and there are no grandparents you're 1/2 for paternal will go to your - any descendants of your paternal grandparents so your aunts and uncles on that side or your cousins if there are no aunts and uncles similarly the other half to your maternal aunts uncles and cousins sound confusing it can be and that is why I always suggest you create a will during your life you take control you be intentional with how your property will be distributed don't leave it to the probate court to identify who gets your property that example was if you're single with no children how about if you're married it is less complicated if your spouse is the parent of all your children Arizona is one of 9 community property states if you pass away married your surviving spouse will get all of your property the potential complication arises if you have children from a previous relationship in these cases the probate court will look at your community property and your separate property differently and distribute accordingly I go into much more detail on this in another video about dying intestate with children from a prior relationship the easy answer is it is much better to just create a simple will and avoid any possibility of intestate distribution ok what about those who are single and have children in this case your entire estate generally will go to your children by representation what does by representation mean Arizona has a unique approach in dividing intestate assets among children then living and predeceasing children it might help if we take a look at another example let's say you have four kids and $40,000 to distribute and all four children are living each child gets $10,000 but what if one of your children pre deceases you yeah that's not that big of a problem that child sentence would split the $10,000 set aside for that child but what happens if you have two children pre deceased you ah the calculation gets a little trickier the two remaining living children would still get their 10,000 each however the remaining 20,000 would be split among the next generation for this example let's imagine that one child had two children and the other child had one child your three grandchildren would split the remaining $20,000 into thirds he hikes you can see why it is so important to be intentional about your distribution strategy and create a will during your lifetime another question you may have is what happens if I have a domestic partner or if I'm in an unmarried relationship and I die without a will I address this question specifically in a different video also note that some valuable assets won't pass through your will or be affected by Arizona intestacy laws including property held in a living trust proceeds from life insurance retirement account funds beneficiary deeds and property owned as joint tenant or with right of survivorship I hope that you enjoyed this week's Q&A with life plan legal Arizona before you go let me invite you to support our mission of helping 10,000 Arizona families pass their values along with their valuables to the next generation if you or somebody you love would like to join our growing family of five star happy clients schedule your free strategy session by calling 6:02 nine ten four zero six eight six oh two nine one zero four zero six eight or head over to life planned legal AZ comm for a link to schedule your free strategy session and don't forget to subscribe