In Arizona, real estate can be transferred via a Beneficiary Deed, more commonly known as a TOD deed. This deed allows a property owner to designate a beneficiary who will automatically inherit the property upon the owners death, avoiding probate.
What are the disadvantages of a transfer on death deed?
Once recorded, the TOD deed cannot be changed or revoked easily. You lose flexibility should your circumstances or wishes change in the future. And if you need to sell or mortgage the property, your designated beneficiary must agree by signing off, even though they have no current ownership rights.
How do you transfer a title from a deceased person in Arizona?
Fill out the Arizona non-probate affidavit form(Form 32-6901), which transfers ownership to the applicant. The deceased persons details must be included as outlined in the form. docHub the signature by signing it before an Arizona MVD agent or a certified notary.
What is the disadvantage of a tod deed?
This is also called a transfer-on-death deed, and may be completed without an attorney, if desired. Naming a transfer-on-death beneficiary allows you to choose someone to inherit your home, may offer tax benefits, and bypasses probate.
How to transfer a deed in Arizona?
First, the deed must include the names of all parties involved and a proper legal description of the property being transferred. The document must be signed by the grantor (the person transferring the property). Arizona law requires the signature to be docHubd by a licensed notary public.
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