A Last Will And Testament is a legal document that a person, prepares during their lifetime in which they specify certain things which are to take place upon their death. In particular, a Last Will And Testament enables a person to name the person(s) or organization(s) who are to receive their estate. An estate consists of all of the assets owned by a person at the time of their death. Certain assets, however, will pass outside of a persons estate. These assets are those assets such as bank accounts and real property which are owned by a person with others jointly or as joint tenants with rights of survivorship or in "P.O.D." payable upon death accounts. Life insurance proceeds, also, pass outside of a person's estate if there is no named insurance policy beneficiary alive at the time of the person's death.

A Last Will And Testament, also, enables a person to name the person or organization that they want to administer the collection and distribution of their estate. This person is known as the "Personal Representative". The Personal Representative has a fiduciary responsibility or, obligation of trust, to the estate and its beneficiaries. Unless the Last Will And Testament waives bond, the beneficiaries of the estate agree that bond is not necessary, or the estate is below a certain maximum amount in value, the law requires that the Personal Representative be bonded in an amount equal to the value of the estate.

A Last Will And Testament is, also, the principal means whereby person designates who will take care of their minor children following their death. A "Guardian" is named to take of the physical well being of the minor child while a "Conservator" is named to administer the estate left to the minor child. Both of these capacities continue until the minor attains the age of majority, eighteen years in the State of Arizona. After the minor attains the age of majority, the responsibilities of the Guardian terminate and the Conservator releases the minor's estate to him. Unless the Last Will And Testament waives bond, the Conservator must be bonded in an amount equal to the value of the minor's estate and one years income. A person can control the disposition of minor beneficiary's estate beyond the age of majority through what is called a testamentary trust. A testamentary trust is like a "Living Trust", discussed elsewhere in this Website, except that it does not become effective until the maker of the will dies. Although testamentary trusts are still used, most people who desire this type of estate administration establish Living Trusts for the reason that a Living Trust avoids probate as well.

Although a Last Will And Testament has great value by eliminating uncertainty concerning the disposition and administration of an estate and can, also, reduce the cost of administration by waiving bond, a Last Will And Testament does not necessarily avoid "Probate". Probate is a proceeding filed in through the Courts whereby the person named as Personal Representative in a person's Last Will And Testament gets "appointed" or, obtains the authority necessary for such Personal Representative to act on behalf of the estate. Without such authority, the Personal Representative would not be able to access bank and other financial accounts or transfer title to real property. Although the probate process has, in recent years, been somewhat vilified as being unduly expensive and time consuming, it is not as complex as it has been portrayed. Probate can, however, be avoided through the creation and use of Living Trusts, discussed elsewhere on this Website.

Although some statutes will allow handwritten statements prepared and signed by the maker to be recognized as a Last Will And Testament, most Last Wills and Testaments are typed, signed by the person making them and witnessed by two individuals. The Last Wills And Testaments prepared by Lawvue are not only witnessed by two individuals but, notarized as well. The Last Wills And Testaments prepared by Lawvue provide instructions for the disposition of estate assets, name the Personal Representative and two alternatives as well, and names Guardians and Conservators for the benefit of minor children. These Last Wills And Testaments, also, allow the maker to create a list specifying the distribution of tangible personal property.
Last Wills And Testaments may l be purchased from the Lawvue LAW STORE.
These documents can be ordered, prepared and delivered on your own P.C., or, if you so desire, you may call ________ to schedule an appointment with the Lawvue HOST most convenient to you. The Lawvue HOST can make this process even easier for you by assisting in the entry of necessary data, notarizing your signature and making extra copies. There is, however, a nominal additional processing cost for such service.

Last Wills And Testaments may be purchased from the Lawvue Law Store. These documents are custom prepared for your particular situation and, together with specific instructions on their use, are available for downloading on your own computer and printer in the privacy of your home. If you need assistance or do not have a computer, you may, alternatively make an appointment with the Lawvue Host nearest to you. The Lawvue Host can make this process even easier for you by assisting in the entry of necessary data, notarizing your signature and making extra copies. If your case is complex or you may wish to consult directly with the attorneys of Bill King, P.C.

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