Estate Planning Arizona
   Living Trust Arizona

Community Property in Arizona

Arizona is one of nine states that is classified as a community property state. Any assets attained during a marriage are considered jointly owned and any debts incurred are shared by the husband and wife. When a spouse passes, the surviving spouse owns the assets in full unless the deceased spouse leaves specific instructions in a Will or Revocable Living Trust.

Assets acquired before marriage or through inheritance are considered separate property unless they are placed in accounts with both spouse's names listed. After being placed in a joint account, the assets and/or inheritance become joint assets.

Income earned during the marriage is considered joint - so any assets purchased during a marriage using income is considered community property.

Gifts received are considered separate property.

If you own a home and have not taken estate planning precautions to avoid probate after the death of the first spouse, you may hold your house as Community Property with Right of Survivorship. The probate process is averted in this scenario.

If you choose to hold assets as Tenants in Common, each spouse owns one-half of the assets. After the passing of the first spouse, the deceased's assets may be distributed to someone other than the surviving spouse.

Consult a professional to determine the best method for titling your estate. Every family has unique circumstances requiring different ways of holding assets for later distribution. Don't leave your family unsure what is yours to leave for them. For more information, search the web for Community Property in Arizona.

Written by Jamie Kahn
Owner of Four Peaks Planning, Inc.
(480) 229-6220
Read more articles:

Choosing Medical Power of Attorneys
Choosing Guardians for Children
Community Property in Arizona
Revocable Living Trusts to Protect Your Family
Estate Planning for Pets



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This site is part of Four Peaks Planning, Inc., a firm dedicated to quality and affordable estate plans for Arizona families.

Phone:  (480) 229-6220
Address:
2529 S Evergreen St
Tempe, AZ 85282
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I have known Jamie for several years and know him to be a knowledgeable and professional estate planner. His detail and care in focusing on children and making sure assets are transferred into the trust is, by far, what makes him the person to handle my client's estates and financial needs. I also like the way Jamie becomes a great team member for my clients.

I've seen him sit with couples and groups bringing an ease to a very uncomfortable subject for most - dying and money.

All these reasons are why Jamie was my choice for an estate planner and for my family and friends.

-- Jerilyn L. Evans-Graff - Accountant and Owner, Evans-Graff, Inc., Mesa, AZ
(480) 730-0474 - Daytime
www.accountant-phoenix.com
Phone:  (480) 229-6220
Address:
2529 S Evergreen St
Tempe, AZ 85282



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