Posted by Dana Law Group on January 12, 2023
What is going to happen to your assets when you pass away? It is important for you to make sure that as much of your inheritance gets passed down to your heirs as well. That is why you need to have a comprehensive estate plan, and that means deciding who is going to be responsible for executing your will. You need to have an executor for your estate plan, but are you allowed to have an executor who is not located in your state? What does Arizona have to say about having an out-of-state executor?
First, understand that you are allowed to have an executor who is out of state. You might have someone, such as a friend or family member, who lives in another state and handles your will. Or, you may have an executor in Arizona who subsequently moves out of state.
On the other hand, if you plan on having an executor who lives out of state, it cannot be a bank or corporation. It can only be an individual.
If you have an executor living in Arizona who subsequently decides to move out of state, you do not necessarily have to make any changes to your will. On the other hand, you need to think about whether that person is still right for the role. You are allowed to make changes to your executor by working with a lawyer who can help you. You must make sure that you always have the right person in charge of executing your estate plan.
If you think the right person to execute your estate plan is located in another state, that is your decision. On the other hand, you need to be aware of several challenges that will be associated with having an executor who is out of state. It might take that individual longer to evaluate your assets, collect the necessary information, and transfer the assets related to your estate. It is also possible that the executor might have to go to court to represent the estate, and it can be a challenge if they are not located in Arizona.
If you need help with your estate plan in Arizona, it would be our pleasure to help you. We are the Dana Law Group, and it would be our pleasure to help you put together an estate plan that represents your interests. Contact us today to learn more about how we can help you.