This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Warranty Deed to Community Property w/rights of survivorship - Arizona, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s).
Right of survivorship without joint tenancy refers to a form of property ownership where two or more individuals hold title to a property, but without the automatic transfer of ownership to the surviving co-owner(s) when one owner dies. It is important to note that this type of ownership is different from joint tenancy, where the surviving co-owner automatically inherits the deceased owner's share. In right of survivorship without joint tenancy, the owners have a separate legal agreement or a written will stating that if one owner passes away, their share of the property will not automatically be transferred to the surviving co-owner(s). Instead, the deceased owner's share will be distributed in accordance with their estate plan, which may include passing it on to another individual or organization through a will or trust. This type of arrangement can be particularly useful in certain situations, such as when co-owners want to maintain control over the distribution of their share upon their death or if they have specific wishes regarding the succession of their property. It ensures that the deceased owner's wishes are carried out and that their share does not automatically pass to the surviving co-owner(s) against their wishes. Different variations of right of survivorship without joint tenancy include: 1. Tenancy in common: This is a form of co-ownership where each owner holds an undivided interest in the property, without the right of survivorship. Each owner can sell, transfer, or will their share to another person, and it does not automatically pass to the other co-owners upon death. 2. Life estate: In this type of arrangement, the owner designates a specific individual (referred to as the life tenant) who has the right to live in or use the property for the duration of their life. After the life tenant's death, the property transfers to another individual or organization (known as the remainder man) as designated in the legal documents. 3. Trust ownership: Co-owners can opt to transfer their interest in the property to a trust, where the trust document outlines the distribution of the property upon their death. The trust may stipulate that the property is to be passed on to specific beneficiaries or held in trust for a specific purpose. Having a right of survivorship without joint tenancy provides flexibility and allows individuals to have more control over their property and its distribution upon their death. It is crucial to seek legal advice and draft the appropriate documents to ensure that the intended wishes are legally binding and carried out accordingly.
