Do you know who will inherit your assets if you die without a will or a trust? If you are married do you and your spouse know who will inherit your assets and your spouse's assets when each of you dies?
The reason you must have a will or a trust is to insure that the right person or the right people inherit your assets. If you do not have a will or a trust then the law of the state of your residence at the time of death determines who inherits your assets rather than you. If your state of residence has an inheritance law (called the law of intestate succession) that gives your assets to anybody other than the person or people you want to receive the assets your loved ones will suffer, bear the economic loss of the assets and be angry at you.
You Must Know Who Will Inherit Your Assets if You Die
If you are a resident of Arizona you must do the following two tasks to learn who the State of Arizona will give your assets to if you die without a Will or a Trust:
If anybody will inherit any of your property and you do not want that person to get your property YOU MUST SIGN A WILL OR A TRUST THAT NAMES THE PERSON OR PEOPLE YOU WANT TO INHERIT YOUR ASSETS. Adopt your estate plan and eliminate Arizona's estate plan for your assets.
If you are a married Arizona resident and you or your spouse have children who are not children of both of you then I urge you to read the article because you will be surprised who will inherit some of your property if one or both of you were to die.