Does Arizona recognize a beneficiary deed?

Arizona beneficiary deeds can’t be used for real estate in other states. You also need to have your completed beneficiary deed notarized, then record it in the county where the property is located. The law itself can be read in section 33-405 of the Arizona Revised Statutes (www.azleg.gov/ars/33/00405.htm).

Does Arizona have transfer on death deeds?

Arizona allows for the transfer of real estate by affidavit if the equity of all the real property in the estate is not greater than $100,000. The use of a beneficiary deed to transfer real property will avoid the need for a probate proceeding in cases where the equity in the property is in excess of $100,000.

What are the benefits of a beneficiary deed in Arizona?

The Arizona beneficiary deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.

Can you put a beneficiary on your house?

Adding a beneficiary to a mortgage deed may not be possible in every state, although some states have enacted legislation allowing transfer-on-death deeds. With these, the property passes to your named beneficiaries, subject to any outstanding mortgage.

How much does an estate have to be worth to go to probate in AZ?

the total value of the estate’s real estate must be less than $100,000. you must wait at least six months after the death. the court must not have appointed a personal representative or the one who was appointed has not been active for at least a year and didn’t give file a closing statement with the court.

How is a beneficiary deed valid in Arizona?

A Beneficiary Deed will be valid only if the Beneficiary Deed is signed and recorded as provided by Arizona law in the office of the county recorder of the county in which the real property is located. A Beneficiary Deed must also be properly recorded before the death of the owner or the last surviving owner.

Can a beneficiary deed be used to transfer property?

A beneficiary deed might be the perfect way to transfer property to your heirs – or not. A thorough discussion with a qualified Arizona estate planning attorney will help you decide if this is the right path for you. At Keystone Law, Francisco Sirvent assists people with their legal questions every day.

When does a beneficiary deed become effective?

If the property is owned as a joint tenancy with right of survivorship or community property with right of survivorship, the beneficiary deed becomes effective on date of the last owner’s death. Estate taxes. Property transferred may be taxed. No asset protection.

What are the pros and cons of having a beneficiary deed?

Deeds & Beneficiary Deeds 1 Pros To Using Beneficiary Deed. Avoids probate. 2 Cons To Using Beneficiary Deed. Estate taxes. 3 Validity Of Beneficiary Deed. Comply with Arizona law. 4 Get The Big Picture. A beneficiary deed might be the perfect way to transfer property to your heirs – or not. …

Can a beneficiary deed be issued in Arizona?

Arizona law provides sample wording for the deeds and revocation forms. For more than a decade, Arizona has sanctioned a type of deed that allows probate-free transfers of homes and other real estate at an owner’s death. These one- or two-page documents, called beneficiary deeds, are fairly simple to prepare.

When to use a beneficiary deed for real estate?

The use of a beneficiary deed to transfer real property will avoid the need for a probate proceeding in cases where the equity in the property is in excess of $100,000. A beneficiary deed does not carry with it the disadvantages associated with adding someone as a joint tenant.

Where to get a Tod deed in Arizona?

The deed must be recorded in the office of the county recorder of the county where the property is located before the death of the owner (or, with multiple owners, before the death of the last surviving owner). An Arizona beneficiary deed form must meet all of the requirements that apply to other Arizona deed forms.

What happens when a beneficiary deed is revoked?

They can be revoked later and replaced with another deed if your situation changes. The deeds don’t transfer ownership of a property until death, meaning an owner can sell a property, refinance it or take other actions while still living. The deeds aren’t as versatile as living trusts but are less expensive.