Understanding Intestacy - More Questions and Planning Choices

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Learn more about intestacy in Arizona in this presentation.

Transcript of Understanding Intestacy - More Questions and Planning Choices

Page 1: Understanding Intestacy - More Questions and Planning Choices

Understanding Intestacy – Part 2

More Questions & Planning Choices

By The Deason Garner Law Firm

Page 2: Understanding Intestacy - More Questions and Planning Choices

Family

What will my children/family inherit? Arizona is a community property state. This means that the property you and your spouse acquire during your marriage is owned jointly by the both of you. When one spouse dies, the other automatically becomes the sole owner of all community property, with some exceptions. Spouses also inherit a portion of the property you acquired before your marriage, known as separate property.

Page 3: Understanding Intestacy - More Questions and Planning Choices

Spouses What will my spouse inherit? Arizona is a community property state. This means that the property you and your spouse acquire during your marriage is owned jointly by the both of you. When one spouse dies, the other automatically becomes the sole owner of all community property, with some exceptions. Spouses also inherit a portion of the property you acquired before your marriage, known as separate property.

Page 4: Understanding Intestacy - More Questions and Planning Choices

Escheat Is it true that the state can inherit all my property? Yes. Should you die leaving behind no identifiable living relatives, the state of Arizona becomes your legal heir. Though it rarely happens, it is possible.

Page 5: Understanding Intestacy - More Questions and Planning Choices

Choices Is there anything I can do to avoid intestacy? Absolutely. Creating a will allows you to make inheritance choices. You can also choose who you want to act as your estate representative, and make other important decisions that, should you die intestate, you would otherwise leave up to a court or Arizona intestacy laws to decide.