Arizona Change of Beneficiary
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How to fill out Change Of Beneficiary?
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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.
Tax benefits: A beneficiary deed does not transfer ownership of a property to the beneficiary until the owner passes away. Therefore, the owner can continue to qualify for local tax benefits like the homestead exemption. Since the property is not transferred until death, it is not considered a gift.
A beneficiary deed is easily revoked by the owner, or if there is more than one owner by any of the owners who executed the beneficiary deed, by executing and recording the revocation as provided by law in the office of the county recorder in the county in which the property is located.
With an Arizona Beneficiary Deed, the owner of real property located in Arizona may convey his or her interest in the property to other people or entities following his or her death.
In the event that your mother recorded the beneficiary deed, the home likely became yours immediately upon her death, and it should not be subject to the terms of her will.
Property owners in Arizona may revoke a beneficiary deed in one of two ways: Complete a revocation form (A.R.S. § 33-405(L)). This document must be notarized and recorded at the local county recorder's office before the property owner's death. Complete and record a new beneficiary deed for the same property.
The beneficiary does not need to take any action until the death of the account owner. It is generally the case that the account owner may change their beneficiary designation at any time (as discussed below), so the interest of the beneficiary does not vest until the death of the account owner.
An estate planning lawyer can prepare a Beneficiary Deed a la carte for less than $1,000. There will also be a nominal recording fee in the county where the property is located.