Arizona Affidavit as to Termination of Joint Tenancy with Right of Survivorship by Surviving Tenant (One Tenant is Deceased) is a legal document used to terminate joint tenancy and transfer sole ownership of a property to the surviving tenant after the death of the other tenant. This affidavit is specific to Arizona and follows the state's laws and regulations. Keywords: Arizona Affidavit, Termination of Joint Tenancy, Right of Survivorship, Surviving Tenant, Deceased Tenant, Legal Document, Ownership Transfer, Property, Laws and Regulations. Different Types of Arizona Affidavit as to Termination of Joint Tenancy with Right of Survivorship by Surviving Tenant (One Tenant is Deceased): 1. Standard Arizona Affidavit: This is the most common type of affidavit used to terminate joint tenancy in Arizona when one tenant is deceased. It outlines the necessary information and signatures required to transfer sole ownership of the property to the surviving tenant. 2. Affidavit with Inheritance Tax Waiver: In some cases, there might be an inheritance tax imposed on the property being transferred to the surviving tenant. This type of affidavit includes an additional section for obtaining an inheritance tax waiver, if applicable. 3. Affidavit for Joint Tenancy with Right of Survivorship in Community Property: If the joint tenancy property is considered community property in Arizona, this affidavit variant specifically addresses the complexities and considerations involved in transferring sole ownership to the surviving tenant. 4. Affidavit with Guardianship Appointment: In situations where the deceased tenant had minor children, this type of affidavit includes provisions for appointing a guardian for the children's interests in the property. 5. Affidavit for Joint Tenancy in Business Property: If the joint tenancy property is owned by two or more individuals who are engaged in a business partnership, this affidavit variant accounts for the unique circumstances and legal requirements of transferring ownership in such cases. These various types of Arizona Affidavits ensure that the termination of joint tenancy is executed correctly and legally, addressing specific situations and conforming to Arizona's laws and regulations governing property ownership and transfer. Note: It is essential to consult with a qualified attorney or legal professional to ensure the specific requirements and considerations for each type of affidavit to meet your individual needs and circumstances.
Affidavit Evidencing Termination Of Joint Tenancy Form Pr 132
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How to fill out Arizona Affidavit As To Termination Of Joint Tenancy With Right Of Survivorship By Surviving Tenant (One Tenant Is Deceased)?
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FAQ
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 grant or devise to two or more persons may by express words vest the estate in the survivor on the death of a grantee or devisee when expressly declared in the grant, transfer or devise to be a joint tenancy with right of survivorship.
Joint-tenancy deeds (A.R.S. §33-431) are deeds whose language expresses that the grantees hold equal shares of the property as joint tenants, usually by providing a right of survivorship.
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.
One of the pitfalls of community property is something that is also one of its selling points ? all assets obtained during the marriage are owned 50/50. This can become a problem if one spouse dies and leaves their half of a property to someone other than their surviving spouse.
In the case of real property owned as joint tenants with right of survivorship, the right of survivorship is extinguished as provided in section 14-2804 or on the recordation in the office of the recorder of the county or counties where the real property is located an affidavit entitled "affidavit terminating right of ...
For example, say a mom and dad own a residence as Joint Tenants with Right of Survivorship in Arizona. When mom dies, mom's interest in the residence survives to dad, meaning dad now owns the entire residence and title to the property passes outside of probate.
