Arizona Beneficiary Deeds

Arizona Beneficiary Deeds

 Avoiding Probate Using Beneficiary Deeds

We own 3 timeshare weeks at 3 different resorts. We live in Minnesota and own 2 deeded timeshare resorts in Minnesota and one timeshare week  at the Treetop Village in Missouri. One of our main concerns, as mentioned in earlier articles, was the process of probate in the event of our deaths. We wished to leave our timeshare weeks to our 3 children without going through the estate process.

We found the answer to this in Missouri. The State of Missouri, realizing that many timeshare owners were out- of- state owners,  came up with the Missouri Beneficiary Deed. This will solve the problems of many Missouri timeshare owners who would like to leave their vacation properties to their children without going through a whole bunch of legal problems to access their parents vacation property. If you are a Missouri timeshare owner, and live outside Missouri, you will want to take advantage of this legal document.

We just recently found that the State of Arizona also has a Beneficiary Deed. This will benefit the hundreds of thousands of out- of- state buyers of Arizona timeshare resorts. Below is a simple Form of Arizona Beneficiary Deed Approved by Statute.

If you wish to have an Arizona attorney to give you more information we would recommend Clicking Here for more information.

 Simple Beneficiary Deed

Form of Arizona Beneficiary Deed Approved by Statute

Arizona Revised Statutes Section 33-405.G provides that a Beneficiary Deed is sufficient if it complies with other applicable laws and if it is in substantially the following form:

Beneficiary Deed

I (we) hereby convey to ______________________ (Grantee) effective on my (our) death the following described real property:

(legal description)

If a grantee beneficiary predeceases the owner, the conveyance to that grantee beneficiary shall either (choose one):

[  ] Become null and void.

[  ] Become part of the estate of the grantee beneficiary.

___________________________

(signature of Grantor(s))

(acknowledgment).

It looks simple enough for anyone to write-up, but you may want to check further to make sure you do it right. Below are the Benefits of an Arizona Beneficiary Deed.

Benefits of an Arizona Beneficiary Deed

The benefits of an Arizona Beneficiary Deed are:

1. Arizona real property transferred by an Arizona Beneficiary Deed avoids the cost and delay of probate because the property is not part of the probate estate of the deceased owner.  Avoiding probate can save a family $1,500 to $3,000 or more in legal fees.
2. Transferring property by an Arizona Beneficiary Deed is a much cheaper method of avoiding probate than a living trust.  The most common method to avoid probate is to create a trust and convey the real property to a trustee.  Estate planning lawyers typically charge $1,500 – $2,500 or more to create a living trust.
3. An Arizona Beneficiary Deed is much simpler than creating and administering a trust.  Property must be conveyed by deed to the trustee and the trustee must administer the property according to the terms and conditions of the trust agreement.  With an Arizona Beneficiary Deed, the owner retains total control over the property.
4. After an Arizona Beneficiary Deed is signed and recorded, the owners may sell, encumber, or otherwise deal with their property without any restrictions or limitations.
5. Signing and recording an Arizona Beneficiary Deed has no gift tax liability because it is not a present transfer of property.
6. The owner is free to change an Arizona Beneficiary Deed at any time.
7. The owner may revoke an Arizona Beneficiary Deed at any time by recording an appropriate revocation with the county recorder of the county in which the property is located.

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Arizona Beneficiary Deeds

Arizona Beneficiary Deeds

Related terms: Free Beneficiary Deed Form, Arizona Beneficiary Deed Form