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The second important point is that a beneficiary deed supersedes a will, so if the documents contradict one another, the beneficiary deed takes precedence.
Do all estates have to go through probate in Arizona?
Is Probate Required in Arizona? Probate is required in Arizona unless the decedent has a trust or listed beneficiaries for all assets. There is one exception to this rule, which is for estates with personal property valued at less than $75,000 and real property under $100,000.
Does Arizona recognize beneficiary deeds?
Arizona allows individuals to transfer property to a beneficiary through what is known as a beneficiary deed. A beneficiary deed is sometimes referred to as a transfer on death deed, or TOD deed. It is a legal document that grants a residential property to a designated beneficiary upon the death of an individual.
How can I avoid probate in Arizona?
Four Ways to Avoid Probate in Arizona Establish a Trust. Title Property with Rights of Survivorship. Make Accounts Payable on Death or Transfer of Death. Provisions for Small Estates.
What happens if a deed is not recorded?
If Your Deed Is Not Recorded, the Property Could Be Sold Out From Under You (and Other Scary Scenarios) In practical terms, failure to have your property deed recorded would mean that, if you ever wanted to sell, refinance your mortgage, or execute a home equity line of credit, you could not do so.
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To establish a beneficiary deed in Arizona, the deed must: Grant the real estate property to a beneficiary designated by the owner of said property. Be recorded in the office of the county where the property is located. Be recorded in the county office before the property owners death.
Does Arizona recognize a beneficiary deed?
Arizona is one a handful of statesincluding Colorado and Missourithat use the term beneficiary deed to refer to a deed that designates a beneficiary to inherit property at death.
Does a beneficiary deed need to be recorded in Arizona?
It can be used to transfer an owners Arizona property interest to another person upon the property owners death. Once you create a beneficiary deed, it needs to be recorded with the county recorder in the county where the property is located.
How do I transfer a deed after death in Arizona?
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.
How do I record a beneficiary deed in Arizona?
Requirements for Arizona Beneficiary Deed Forms 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).
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