Valentine’s Day is right around the corner, which means there’s no better time to express love to your partner, your family or even your roommate. Typical gifts like flowers and chocolates don’t last long, but the gift of signed, sealed and delivered documents can last a lifetime.
It may sound silly, but documentation that protects your home is a great way to show that you care about the people you love and/or live with. You don’t want to have to worry about your sweethearts not knowing what to do. Here are the best ways to tell your valentines how you feel this Valentine’s Day.
For Your Partner; I’m Yours
Arizona is one of few states that does not recognize domestic partnerships, except in limited cases regarding hospital visitation rights or one partner’s ability to make medical decisions on behalf of the hospitalized partner who cannot communicate. In general, and unless property is held as joint tenants with rights of survivorship, this means one surviving partner is not granted inheritance of the couple’s home upon the other’s death; only married couples have this right.
Couples with common law marriages who moved to Arizona may also be granted the same rights as a married couple. However, if you are unmarried, you may still leave your property to each other in a Last Will and Testament and/or a Revocable Living Trust. This guarantees that both partners are protected, and one will not be left without property upon the other’s death.
If you are married, the surviving spouse inherits all non-community property. A Will can guarantee the inheritance and will also simplify the process if there are multiple spouses and/or children to consider.
For Your Family; Show Forever Love
There is no better way to show your descendants you care about them than to ensure they will have a home long after you’ve passed away. Estate planning documents will put them in the best position should anything happen to you, especially if you appoint a guardian to take care of them until adulthood. Giving the gift of a Will can put you at ease.
Additionally, you can create a Revocable Living Trust that will let your children skip the probate court and directly inherit the family home.
For Your Roommate(s); We’re in this Together
Sharing your real estate with roommates is a tricky business. There are communal use items, chores to keep up on and plenty of other potential conflict topics. This is why roommates should create and sign a Cohabitation Agreement to keep track of ownerships and responsibilities. These documents can be enforced in Arizona.
Find an Experienced Phoenix Real Estate Attorney
The attorneys at MacQueen & Gottlieb have significant experience with real estate documentation as it applies to spouses, family and other persons. Our attorneys can assist you with any issues and help you understand your rights. If you are looking to make plans for your owned property in the event of death, our attorneys can help. Contact us today at 602-562-7218 to schedule an initial consultation or make an appointment online.