This General Durable Power of Attorney is a general, durable power of attorney which is effective IMMEDIATELY. You can use this form to appoint an attorney-in-fact (agent) to make decisions regarding property, financial, management, banking, business and other matters for you. The powers granted to an Agent in this Power of Attorney are very broad, but do NOT provide for health care services. This form complies with all applicable state statutory laws.
Az Attorney Property With Right Of Survivorship
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How to fill out Arizona General Durable Power Of Attorney For Property And Finances Or Financial Effective Immediately?
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Community Property with Right of Survivorship is an estate planning tool that attempts to avoid probate issues by automatically transferring the deceased spouse's one-half interest in the property to the surviving spouse. This is similar to Joint Tenancy with Right of Survivorship. A.R.S.
Under the right of survivorship, each tenant possesses an undivided interest in the whole estate. When one tenant dies, the tenant's interest disappears and the others tenants' shares increase proportionally and obtain the rights to the entire estate.
In Arizona, property law is governed by ARS Title 33. Joint tenancy with right of survivorship is covered in ARS 33-431. When real property is owned by multiple people, property law refers to it as a concurrent estate. The co-owners, or co-tenants, are commonly categorized as either joint tenants or tenants in common.
For example, if two people, Mark and Amanda, own a property together and Mark dies, then Amanda will become to sole owner of the property even if this is not detailed in the will because the two of them purchased the property together.
The state of Arizona is a community property state. Property law in Arizona falls under ARS Title 33 of the Arizona Revised Statutes, and joint tenancy with the right of survivorship is under ARS Title 33-431 of the same Statutes.