Resources for Seniors

questions & answers

Question: Doe my will have to be probated in Arizona when I have only financial assets all of which have instructions as to what happens to the asset when they receive a copy of my death certificates?

Answer: All validly executed wills must be probated through the court system [A.R.S. Title 14); however, all assets with a legally enforceable provision for transfer upon death of the owner, must be so transferred, by the issuing/holding organization, as a matter of contract law. This could include, for example, real estate with “rights of survivorship” (to another joint owner, still living), life insurance (to beneficiaries, still living), shares of stock (to beneficiaries, if named and living). The benefit of a Will or Living Trust (like a Will, but avoids probate) is that they provide blanket coverage (if properly drafted), for any Asset which was overlooked, or was assumed to “automatically” transfer at death, but cannot be so transferred due to a legal technicality. This answer is provided for information only; if you are looking for legal advice, you may want to read the article on "Where to Find an Attorney for Specific Legal Advice