In an Arizona Final Will, the testator normally also establishes a personal representative-or co-personal agents (more than one persons acting together in this capacity) to deal with the estate. A personal representative is an individual who collects all the information regarding the decedent’s financial obligations and property, pays any remaining debts with the assets, and makes certain that the decedent’s property is used as specified in the will document, so this is a position with a lot of responsibility. The personal agent selected is generally someone the decedent really trusts to conclude their last will.
In cases where somebody passes away with no valid Arizona Last Will (which for most states means it must be correctly witnessed, not only signed), somebody will generally be designated by the probate court to function as personal representative and pay out the decedent’s financial obligations, utilizing assets as necessary to do so. Then, the leftover assets will be dispersed amongst the decedent’s beneficiaries in line with the laws of the state the will creator lived in.
In a few states, in case one spouse passes away leaving behind their significant other, that surviving spouse will get most of the decedent’s property without a Last Will instructing the opposite. Additionally, the testator might have selected a particular beneficiary to receive a life insurance policy, retirement account, or other asset, and this beneficiary designation will ascertain who acquires those assets without a Last Will.
The important thing to note is the fact that any person who wishes to specify the way their property will be used after their death should prepare and appropriately sign a Last Will and Testament to make sure that their wishes are recognized and carried out. Without having a last will, you will be leaving it up to chance, the rules of the state, or a court of law regarding how your final matters will be settled.