Estate planning is the process of planning how one would divide their estate; including property and cash assets, after their death. Planning usually involves deciding who in the family will receive what piece of property.
What is a will? A will is a legal document that defines the family of the deceased receive the worldly possessions that included their money and their property. You can check out estate planning Arizona for getting more knowledge about estate planning laws.
What are the beneficiaries? A receiver could be the brother of the deceased, the descendants of the deceased, the parents of the deceased, a cousin, aunt or uncle of the deceased or the deceased friend. A recipient can be anyone who is mentioned in the will of a person.
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What is the power? A person's power is given jurisdiction over real estate to others if the holder ever become mentally or physically incapacitated and cannot make competent decisions themselves.
What is a living will? A living will is a legal document that defines what a person wants to have happen to their health if they should become ill during their life and can not make decisions about their lives after illness itself.
Any lease along? joint tenancy is when two people share ownership of a piece of property. When one owner dies, their share of the property handed over to other owners involved in the joint lease and can not be sold to others without the consent of the owner of this second.