This form is an affidavit in which the affiant is the surviving tenant and former spouse in a joint tenancy with the decedent. The form is used to establish the death of the decedent and the succession of the affiant to the interest of the decedent as a result of the joint tenantcy.
Joint Tenancy With Right Of Survivorship In Arizona
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How to fill out Missouri Survivorship Affidavit - Joint Tenants - Husband And Wife?
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The main difference between joint tenants vs community property with right of survivorship lies in how the property is taxed after the death of a spouse. In joint tenant agreements, the proceeds from the sale of a property (after the death of a spouse) would be subject to the capital gains tax.
In a Joint Tenancy with Right of Survivorship, if one of the owners dies, his or her share will pass equally to each of the other Joint Tenants, regardless of who would otherwise inherit the deceased owner's estate.
In Arizona, joint accounts come with survivorship rights by default, meaning the surviving account holder(s) automatically inherit the deceased account holder's share unless specified otherwise.
Community property is only available in select states, allowing them to hold a shared (rather than divided) interest in an asset. Joint tenancy divides a property's ownership into equal shares. Each ownership option has its own rules regarding capital gains.
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.