Transfer on Death Deed - Arizona - Individual to Individual: This deed is used to transfer the ownership or title of a parcel of land, attaching any existing covenants, upon the death of the Grantor to the Grantee. It does not transfer any present ownership interest in the property and is revocable at any time. Therefore, it is commonly used to avoid probate upon death.
A Phoenix Arizona Beneficiary Deed for Individual to Individual is a legal document that allows an individual (referred to as the "granter") to transfer ownership of their real property to another individual (referred to as the "beneficiary") upon their death, without the need for probate. This type of deed is commonly used in estate planning to ensure a smooth transfer of property assets to the intended individual or individuals. The Phoenix Arizona Beneficiary Deed for Individual to Individual is specifically designed for property located within the State of Arizona. It must comply with the specific laws and regulations of the state, including the Arizona Revised Statutes Title 33, Chapter 6. There are different types of Phoenix Arizona Beneficiary Deeds for Individual to Individual, including: 1. Traditional Beneficiary Deed: This is the standard type of beneficiary deed where the granter retains full control and ownership of the property during their lifetime. The beneficiary only gains ownership rights upon the granter's death. 2. Joint Beneficiary Deed: This type of deed allows the granter to designate multiple individuals as beneficiaries, each with an equal or specific percentage share of the property. This can be useful when the granter wants to distribute the property among multiple beneficiaries. 3. Contingent Beneficiary Deed: In this variation, the granter can designate a primary beneficiary who would gain ownership if they outlive the granter. However, if the primary beneficiary predeceases the granter, a contingent beneficiary takes their place. This ensures that the property will still pass to the intended beneficiary in case the primary beneficiary cannot inherit. 4. Beneficiary Deed With Reserved Diversionary Interest: In this type of deed, the granter designates a primary beneficiary who will receive ownership of the property upon the granter's death. However, the granter reserves the right to revoke the beneficiary designation and regain ownership of the property during their lifetime if they wish to do so. By using a Phoenix Arizona Beneficiary Deed for Individual to Individual, individuals can bypass the probate process, which can be time-consuming and costly. It allows for a straightforward transfer of property upon the granter's death, ensuring that the intended beneficiary receives the property without complications. It is important to consult with an attorney or estate planning professional to ensure that the beneficiary deed is properly executed and legally binding.
