A Beneficiary Deed is an easy, convenient way to avoid probate of what is normally your largest single asset, your home. What the Beneficiary Deed does is to automatically transfer the real estate to your beneficiary upon your death, without having to go through probate to transfer the property. Transferring the real estate in this manner may allow the remaining estate to be resolved using a small estate affidavit as opposed to more formal probate proceedings. Arizona is one of only twelve states that allow the utilization of a Beneficiary Deed to transfer real estate upon the death of the Grantor. Beneficiary Deeds can be revoked or amended at any time, and the beneficiary has no rights or interest in the property until the Grantor passes.
Beneficiary Deeds are also especially useful when you want to leave your home to a child from a prior marriage or someone other than a family member. If there is any animosity between the beneficiary and the Personal Representative of your estate, the Representative may otherwise delay the transfer of that asset to your intended beneficiary. A Beneficiary Deed effectively takes your property out of your probate estate and allows the beneficiary to inherit the asset directly and immediately. Unlike a Trust, which can cost thousands of dollars, a Beneficiary Deed can be prepared for a fraction of the cost, thus making it a desirable Probate alternative.
If you think a Beneficiary Deed might be the best option for your estate, feel free to come speak with our attorneys.
