Types of Wills

• A simple Will is just that; it will not usually include itemized bequests or testamentary trust provisions. Rather, the simple will usually acts to distribute the deceased’s estate according to a straightforward fraction or formula. The simple will includes appointment of the personal representative, perhaps without bond, and may also include funeral and burial instructions.
• Relatively more complex wills may include testamentary trust provisions, which may be appropriate for an individual whose estate distribution requires assets to be held and administered on behalf of the devisees.
• Pour-over wills work with living trusts. Those who declare living – revocable – trusts usually have all their separate property that does not pass to a joint tenant or to beneficiary “pour-over” into the trust. In Arizona, as long as the pour-over will does not have to move at least $50,000 of either real estate or other kinds of separate property into the trust, the trust settlor’s estate probably will not need to go through probate. This is one of the advantages of having a living trust, and probably the most common reason people include living trusts in their estate plans. However, there are other less expensive ways to avoid probate. For that reason, Mr. Wood often advises against incurring the expense of a living trust, even for many prospective clients who come in already convinced they need one.