Page 30 May 2011 Jones Continued from page 16 Some examples of your assets generally not subject to probate are life insurance policies, retirement accounts, real estate held with rights of survivorship, joint checking accounts. Without a will, your assets will go to your intestate heirs, who are normally family members depending on facts, examples of which are whether you are married at death, and if you have children, whether the children are children of the marriage. Determination of intestate heirship is in most situations avoided by the execution of a valid will. A will can and should designate who the personal representative of your estate is to be. The personal representative is the person or entity responsible for administering your estate and was formerly known as the executor. A will can designate a testamentary guardian for your minor children. If no guardian is designated and neither legal parent is living, then you have left the decision up to a Probate Court controlled by the guardianship laws in the state where the children are residing. The guardianship laws generally give priority to family members, but again they are default rules. In a will the testator can make tax elections taking advantage of provisions in the estate and gift tax laws, which may be advantageous. If charitable contributions are intended at death they must be provided for in the will to be deductible. A will can create a testamentary trust or provide for distributions to a trust that is already in existence. Trusts are commonly used to provide direction and protection for bene fi ciaries that would not be available if an outright distribution is required under the intestate succession laws. The question you should ask yourself is why would you not want to make an informed and knowledgeable decision rather than relying on laws that you may be unfamiliar with. Consulting with your estate planning attorney will help you make these decisions. Jones is a 19-year Arcadia resident and shareholder at Gallagher & Kennedy law of fi ces. Corey Bayne of Arcadia High School has won the MLK Scholarship from the Scottsdale Uni fi ed School District. The award was to be presented April 27. Two other SUSD students also were awarded the scholarship. They are Emilie Twilling of Saguaro and Elizabeth Zelechowshki of Chaparral. arcadiadaily.com arcadiadaily.com 3 in SUSD garner MLK scholarships Summer in the mountains. { Because winter in the valley is gone. } A cool summer getaway to Flagstaff is more than just a short drive north. It’s easy access to the Grand Canyon and other attractions, sunny outdoor events, and one-of-a-kind places to shop, eat and play. For a calendar of Mother’s Day events visit flagstaffarizona.org/mothersday. The destination for all seasons flagstaffarizona.org | 800.956.6123

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