By Abigail Neal, Phoenix Estate Planning Attorney
A Beneficiary Deed is an easy and inexpensive way to transfer title of real property. Since a person’s real property is usually one of their largest assets, it makes sense to ensure that it goes to the right person or place at the person’s death. Without a Beneficiary Deed or other estate planning tool, a person has no assurance that their property will go where they want at death. Using a Beneficiary Deed has distinct advantages. First, even if you have a Will naming who you want to inherit the property, a probate may be needed to actually transfer the property. With a Beneficiary Deed, there is no need for a probate with respect to the real property since court approval is not needed to transfer the title. Second, using a Beneficiary Deed instead of transferring the property into your Revocable Living Trust immediately will make it easier for you to mortgage or refinance your property while you are alive. Third, a Beneficiary Deed is superior to other types of property designations like joint tenants with right of survivorship since a Beneficiary Deed is fully revocable and doesn’t cause potential liability for any additional owners.
Hire Powers & Neal to Prepare Your Arizona Beneficiary Deed
Anytime you deal with the transfer of real property, the best practice is to always hire a lawyer. An incorrect or incomplete deed could end up being void or defective and fail to transfer the property as the owner wanted. Hiring an Arizona lawyer to prepare your Beneficiary Deed will give you the peace of mind that you have accomplished your objectives. An Arizona lawyer experienced with preparing Beneficiary Deeds can ensure that you (i) properly name the owners; (ii) correctly name the grantees and how they should hold title; (iii) describe the real property with the correct legal description; (iv) execute the Beneficiary Deed as required by Arizona law; (v) properly format the deed to comply with Arizona law; and (vi) file the Beneficiary Deed with the correct county recorder.
Arizona Beneficiary Deed Preparation
Powers & Neal will prepare and record your Arizona Beneficiary Deed for $225, including recording fees. (Please add $10 for deeds to be recorded outside of Maricopa County.)
Our Beneficiary Deed preparation service includes:
1. Assistance with obtaining the current deed to the property. If you don’t have the current deed, we will tell you how to obtain it. Alternatively, you may pay us a fee to obtain the deed for you.
2. Prepare an Arizona Beneficiary Deed. We will either send it to you to sign and return, or you can stop by our office to sign it.
3. Record your Beneficiary Deed with the appropriate county recorder and pay the recording fee.
4. Mail you your recorded Beneficiary Deed.