Az Beneficiary Individual Death Without Will
Description
How to fill out Arizona Beneficiary Deed For Individual To Individual?
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FAQ
The benefits of a Beneficiary Deed include: Probate avoidance. Arizona real property transferred by an Arizona Beneficiary Deed avoids the cost (anywhere from $5,000 to $8,000) and delay of an uncontested probate. This is because the property is not part of the deceased person's probate estate.
If a spouse or children survive the person who died, generally speaking, these assets would go to the spouse and children. If neither exist, a close relative would inherit the assets. If the state is unable to identify any relatives, the property then goes to the state.
In Arizona, the surviving spouse will always receive 50% of the decedent's estate; the remaining 50% usually passes to the surviving spouse as well, unless the decedent has any children from a separate relationship. In that case, the remaining 50% would be given to the decedent's other children.
To open probate proceedings, a family member or friend will need to file a petition with the county court. If the family members are in agreement, the court can appoint one of them to serve as the estate's executor or personal representative.
If you die with no surviving spouse or descendants, your parents will inherit all of your estate. If you die with no surviving spouse, descendants or parents, your siblings will inherit all of your estate.