Mesa Estate Lawyer Helps Establish Beneficiary Deeds
Arizona firm advises clients looking to transfer real property upon their death
Real property can be left to family members or other loved ones through a will or trust, but sometimes a beneficiary deed may be the better option depending on a person’s situation. At the Law Firm of Joseph M. Udall, PLC in Mesa, we create beneficiary deeds for Arizona clients and draft a full range of estate planning documents. You can rely on our firm, which provides legal services throughout Maricopa County, for sound advice and effective guidance.
What is a beneficiary deed?
A beneficiary deed is a legal document that allows a property owner to transfer real estate to a designated beneficiary upon the property owner’s death. This type of document is also sometimes called a transfer-in-death deed. Because the real property goes directly to the named beneficiary, it is not transferred through the probate system. This means beneficiaries do not have to wait through that complex process. When we meet with you, we can explain how a beneficiary deed might fit into your overall estate planning goals and objectives.
Creating a beneficiary deed
There are several specific steps in Arizona to creating a valid beneficiary deed. They include:
Choosing a beneficiary
Drafting the deed that includes the beneficiary name and property description
Signing the deed and having it notarized
Recording the deed in the county where the property is located
Our law firm will provide the assistance needed to draft this document properly and ensure it complies with all the legal requirements. Should you wish to revoke the deed in the future, we can handle that for you as well.
Benefits and limitations of having a beneficiary deed
Many property owners opt for a beneficiary deed to avoid probate and potential gift tax. Flexibility is another advantage to a beneficiary deed because the designation can be revoked at any time. The named beneficiary has no control over the real estate until the owner’s death, and the owner can sell the property or use it to secure a mortgage. No court approval is required to issue a beneficiary deed.
While a beneficiary deed could be the ideal way to address real estate holdings, it cannot be used for other types of property. Unlike some irrevocable trusts, a beneficiary deed does not protect a property from being seized by creditors. Along with your beneficiary deed, you will require other estate planning instruments to distribute other assets and address guardianship if you have any minor children. Our estate planning attorney will describe the potential pros and cons of a beneficiary deed based on your situation and goals.
Why choose a beneficiary deed?
Beneficiary deeds differ from other estate planning tools including wills and trusts. A big difference between a beneficiary deed and leaving real property in a will is that assets in a will become part of the decedent’s estate and must go through probate. Property in a beneficiary deed does not. In relation to trusts, a beneficiary deed is less complex and less costly to set up. Our attorney will examine your overall circumstances to help you determine whether a beneficiary deed is the best choice for passing on your real estate assets.
Contact an Arizona attorney to discuss executing a beneficiary deed
The Law Firm of Joseph M. Udall, PLC in Mesa delivers well-informed guidance about beneficiary deeds and the full range of estate planning tools to Arizona clients. To arrange a consultation, call our law firm at (480) 500-1866 or contact us online.
