Transfer on Death Deed - Arizona - Husband and Wife 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 Grantors 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.
The Phoenix Arizona Transfer on Death Deed, also known as a TOD — Beneficiary Deed, is a legal document that allows real estate property owners to transfer their property to a named individual or individuals upon their death, without the need for probate. This type of deed is specifically designed for married couples who jointly own real estate property and wish to transfer the property to an individual beneficiary upon the death of both spouses. It provides a simple and efficient method for transferring property while avoiding the probate process. By executing a Transfer on Death Deed, the property owners can bypass the need for a will or trust to transfer ownership of the property to their desired beneficiaries. The deed becomes effective upon the death of both spouses and the beneficiary named in the deed automatically takes ownership of the property. In Phoenix, Arizona, there are two main types of Transfer on Death Deeds commonly used: 1. Joint Tenancy with Right of Survivorship: In this type of deed, the property is jointly owned by both spouses and will automatically transfer to the surviving spouse upon the death of one spouse. Once both spouses pass away, the property transfers to the named individual beneficiary without the need for probate. 2. Tenancy in Common: This type of deed allows each spouse to have a distinct share of the property. When one spouse passes away, their share will transfer to the surviving spouse. However, upon the death of both spouses, the remaining share will be transferred to the named individual beneficiary. It is important to note that the property owners must meet specific legal requirements to execute a valid Transfer on Death Deed. These requirements include being of sound mind, at least 18 years old, and having the deed properly signed and notarized. The deed must also contain a clear legal description of the property and be recorded with the county recorder's office to ensure its validity. By utilizing the Phoenix Arizona Transfer on Death Deed or TOD — Beneficiary Deed for Husband and Wife to Individual, property owners can maintain control and flexibility over their property during their lifetime, while ensuring a smooth and efficient transfer of ownership to their chosen beneficiary or beneficiaries upon their death.
