The Arizona Beneficiary Deed, governed by Arizona Revised Statutes 33-405, is a useful estate planning tool. It gives owners/grantors of Arizona real estate the ability to initiate, but not complete, the transfer process to a designated beneficiary while retaining absolute control in the property. This means the owner (grantor) may sell, rent, mortgage or otherwise use the property with no penalty for waste or obligation to the named beneficiary. In addition, because the conveyance is not completed until the owner’s death, he/she may change or remove beneficiary designations at will. Because of the potential for change, there is no obligation for the beneficiary/grantee to provide consideration (money or something else of value). A.R.S. 33-405(L) contains the form and requirements for revoking a beneficiary deed.
Continue reading “Property Transfers using a Beneficiary Deed in Arizona”Understanding the Indiana Transfer on Death (Ladybird) Deed
Indiana outlines the rules for its transfer on death deed in IC 32-17-14 — the “Transfer on Death Property Act.” The act, which became effective on July 1, 2009, gives owners/grantors of real estate in Indiana the ability to initiate, but not complete, the transfer process to a designated beneficiary while retaining absolute control in the property. This means the owner (grantor) may sell, rent, mortgage or otherwise use the property with no penalty for waste or obligation to the named beneficiary. In addition, because the conveyance does not take effect until the owner’s death, he/she may change or remove, at will, the primary beneficiary, contingent beneficiary, or how multiple beneficiaries will take ownership (joint tenants with rights of survivorship, tenants in common, etc.). IC 32-17-14-16 contains the process for changing or revoking beneficiaries. Because of the potential for change, there is no obligation for the beneficiary/grantee to provide consideration (money or something else of value).
Continue reading “Understanding the Indiana Transfer on Death (Ladybird) Deed”Estate Planning in Michigan Using a Ladybird Deed
Michigan Ladybird Deed
(Warranty Deed with Enhanced Life Estate and Power of Appointment)
When correctly executed and recorded, this deed provides the structure for a non-testamentary transfer of real property. Leaving the real property out of a will allows the transfer to occur without the need for probate.
Continue reading “Estate Planning in Michigan Using a Ladybird Deed”Adding a Person to a Deed Using a Quitclaim Deed
One of the most common incorrect assumptions in real estate is that someone can be added to a deed. If one person owns a piece of real estate and wants to bring on another owner, this means that the current owner would give up their interest in the property to themselves and the other person. Both people would acquire their interest in the property at the same time in the chain of title. The chain of title in real estate has been established so that an interest in real estate cannot be valued by the amount of time an owner has been in possession of the real estate.
Continue reading “Adding a Person to a Deed Using a Quitclaim Deed”Correcting Errors in Recorded Real Estate Documents in Utah
Affidavits and Re-recorded Real Property Documents in Utah
An error in a document can be corrected in one of three ways:
- By recording an affidavit.
- By re-recording the document.
- By recording a new document.
Removing a Deceased Joint Tenant from an Ohio Real Estate Deed
Removing a deceased joint tenant’s (or survivorship tenant’s) name from a real estate deed in Ohio is a fairly simple process. Once the beneficiary or co-tenant obtains an official copy of the decedent’s death certificate, he or she completes an affidavit of survivorship, and presents the information to the local agency responsible for maintaining land records. In Ohio, this is usually the county recorder or fiscal office. When properly completed and submitted for recording along with the copy of the death certificate and any other required documentation, the affidavit updates the ownership information for the property and preserves the chain of title (ownership history).
Continue reading “Removing a Deceased Joint Tenant from an Ohio Real Estate Deed”Creating Joint Tenancy in a Real Estate Deed
There are three basic ways for individuals to own real estate: sole ownership, jointly with others, and as tenants in common. The type of ownership determines the rights of the individuals on the deed to sell or will their interest in the property, and to dissolve the tenancy. In a joint tenancy, each owner has an undivided share in the benefits and obligations associated with owning the real property.
Continue reading “Creating Joint Tenancy in a Real Estate Deed”The Different Types of Easement Deeds for Real Estate
An easement is the certain right to use another person’s real property for a stated purpose without possessing it. An agreement of this type requires at least two parties. The creation of an easement is handled the same way as other documents of conveyance. Easements can also be written into a deed of conveyance, or may also be transferred with the deed. The three major types of easements are appurtenant easements, easements in gross, and prescriptive easements.
Continue reading “The Different Types of Easement Deeds for Real Estate”Methods of Terminating an Easement (Real Estate)
When an easement is terminated, the burdened property is no longer affected. When the party benefiting from the easement and the party subject to it agree to a release, the next step is to record a deed making the change official.
Continue reading “Methods of Terminating an Easement (Real Estate)”Community Property with Right of Survivorship in Arizona
Like many western states, Arizona allows legally married couples to own real estate as community property, with or without rights of survivorship. The rules and definitions are set forth at Section 33-431 of the Arizona Revised Statutes. Under this form of ownership, both spouses hold undivided shares of the whole, and when one spouse dies, the survivor gains ownership of the whole property without the need for probate, and both halves receive a new tax basis equal to the fair market value as of the date of death. Otherwise, when one spouse dies, the community property is divided equally, with half going to the surviving spouse and half distributed as directed by the deceased spouse’s will. In case of divorce or annulment, the judge often determines equitable distribution of community property.
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