Most Americans entering their 30’s are concerned with raising a family, purchasing a home, and saving for retirement. Those things are often at the top of a person’s list of priorities, and they think they have covered all their bases when it comes to ensuring a safe and secure future for their families.
We’ve all heard the story of a relative or friend passing without leaving behind a will (specific instructions regarding the distribution of their assets). Most individuals leave behind some assets upon their death, such as a home, car, or savings account. The distribution of these assets is a process known as probate. If no will is available to outline the decedent’s wishes regarding who receives what, Arizona probate laws kick in to make those decisions for them.
How much do you know about estate planning? In particular, what do you know about the importance of wills?
Here are 7 things to know about wills:
1. A will is a written document that outlines what happens to a person’s property after their death.
2. To have a will, a person does not have to possess a large estate.