Transfer on Death Deed or TOD - Beneficiary Deed for Husband and Wife to Four Individuals
TITLE 33 PROPERTY
CHAPTER 4 CONVEYANCES AND DEEDS
ARTICLE 1. FORMAL REQUIREMENTS AND MODEL FORMS
33-405. Beneficiary deeds; recording; definitions
A. A deed that conveys an interest in real property, including any debt
secured by a lien on real property, to a grantee beneficiary designated by
the owner and that expressly states that the deed is effective on the death
of the owner transfers the interest to the designated grantee beneficiary
effective on the death of the owner subject to all conveyances,
assignments, contracts, mortgages, deeds of trust, liens, security pledges
and other encumbrances made by the owner or to which the owner was subject
during the owner's lifetime.
B. A beneficiary deed may designate multiple grantees who take title as
joint tenants with right of survivorship, tenants in common, a husband and
wife as community property or as community property with right of
survivorship, or any other tenancy that is valid under the laws of this
state.
C. A beneficiary deed may designate a successor grantee beneficiary. If
the beneficiary deed designates a successor grantee beneficiary, the deed
shall state the condition on which the interest of the successor grantee
beneficiary would vest.
D. If real property is owned as joint tenants with the right of
survivorship or as community property with the right of survivorship, a
deed that conveys an interest in the real property to a grantee beneficiary
designated by all of the then surviving owners and that expressly states
that the deed is effective on the death of the last surviving owner
transfers the interest to the designated grantee beneficiary effective on
the death of the last surviving owner. If a beneficiary deed is executed by
fewer than all of the owners of real property owned as joint tenants with
right of survivorship or community property with right of survivorship, the
beneficiary deed is valid if the last surviving owner is one of the persons
who executes the beneficiary deed. If the last surviving owner did not
execute the beneficiary deed, the transfer shall lapse and the deed is
void. An estate in joint tenancy with right of survivorship or community
property with right of survivorship is not affected by the execution of a
beneficiary deed that is executed by fewer than all of the owners of the
real property and the rights of a surviving joint tenant with right of
survivorship or a surviving spouse in community property with right of
survivorship shall prevail over a grantee beneficiary named in a
beneficiary deed.
E. A beneficiary deed is valid only if the deed is executed and recorded
as provided by law in the office of the county recorder of the county in
which the property is located before the death of the owner or the last
surviving owner. A beneficiary deed may be used to transfer an interest in
real property to the trustee of a trust even if the trust is revocable.
F. A beneficiary deed may be revoked at any time by the owner or, if
there is more than one owner, by any of the owners who executed the
beneficiary deed. To be effective, the revocation must be executed and
recorded as provided by law in the office of the county recorder of the
county in which the real property is located before the death of the owner
who executes the revocation. If the real property is owned as joint tenants
with right of survivorship or community property with right of survivorship
and if the revocation is not executed by all the owners, the revocation is
not effective unless executed by the last surviving owner.
G. If an owner executes and records more than one beneficiary deed
concerning the same real property, the last beneficiary deed that is
recorded before the owner's death is the effective beneficiary deed.
H. This section does not prohibit other methods of conveying property
that are permitted by law and that have the effect of postponing enjoyment
of an interest in real property until the death of the owner. This section
does not invalidate any deed otherwise effective by law to convey title to
the interests and estates provided in the deed that is not recorded until
after the death of the owner.
I. The signature, consent or agreement of or notice to a grantee
beneficiary of a beneficiary deed is not required for any purpose during
the lifetime of the owner.
J. A beneficiary deed that is executed, acknowledged and recorded in
accordance with this section is not revoked by the provisions of a will.
K. 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) ___ (owner) hereby convey to
___ (grantee beneficiary) 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).
L. The instrument of revocation shall be sufficient if it
complies with other applicable laws and is in substantially
the following form:
Revocation of Beneficiary Deed
The undersigned hereby revokes the beneficiary deed recorded
on _____________ (date), in docket or book _____________ at
page _________, or instrument number ______________, records
of ______________ county, Arizona.
Dated: _______________________
______________________________
Signature
(acknowledgment).
M. For the purposes of this section:
1. "Beneficiary deed" means a deed authorized under this section.
2. "Owner" means any person who executes a beneficiary deed as provided in this section.
