Robert Fleming of the Tucson, Arizona, law firm of Fleming and Curti, PLC, has an article about a special type of deed authorized by Arizona law called a “beneficiary deed.” The purpose of this deed is to allow people who own real property located in Arizona to avoid probate on death. The beneficiary deed is not a substitute for a trust (a better way to avoid probate), but is is a much cheaper alternative.
The availability of a beneficiary deed makes it relatively easy and inexpensive to transfer real property without the necessity of a probate proceeding after death. Beneficiary deeds can also be amended or revoked so long as any current property owner is still living, so they act very much like a sort of statutory mini-trust, without complicated terms or extensive documentation. They can make living trusts unnecessary for many people with estates below the estate tax limit (currently $3.5 million) and relatively uncomplicated plans.
Robert’s article includes a link to my article on this subject called “Arizona Beneficiary Deeds.”
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