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An Arizona beneficiary deed, referred to as a transfer on death deed in other states, is a legal document used to transfer real property to descendants outside of probate proceedings. For this deed to be valid in Arizona, it must be signed before a notary and recorded with the respective county recorder's office.
The joint owner(s) or the owner's spouse will need to submit a copy of the owner's death certificate county recorder's office. If there are more than two living owners, you may need to submit an affidavit to attest that you own the property.
An Arizona beneficiary deed for works the same way as a TOD designation on a bank account. The owner simply designates someone to inherit the property when the owner dies. During the owner's life, the owner retains complete control over the property and can revoke the beneficiary designation.
Upon your death, the beneficiary can then (1) attach your executed/notarized beneficiary designation form to the vehicle title, (2) take it to the Arizona Motor Vehicle Division, and (3) the MVD will then create a new title for the vehicle in your beneficiary's name. It truly is that simple!
In Arizona, a TOD provision usually supersedes a will. This means that if your will stipulates that an asset should be transferred to a particular individual, but the TOD provision on the asset names a different person, the asset will transfer to the person named in the TOD provision.