by Patricia Glover, CLDP, CP/ACP, CNSA Certified Legal Document Preparer, Glover Court Solutions & Estate Planning
When estate planning comes up, most people are familiar with wills and trusts. However, there is another valuable tool — the Beneficiary Deed. This legal document allows you to transfer your real estate to the person(s) of your choosing without going through probate proceedings.
A Beneficiary Deed, known in some states as a Transfer-on-Death Deed, allows property owners to designate one or more beneficiaries who will inherit their real estate automatically upon the owner’s death. Circumventing the need for probate court, this dead saves the beneficiary substantial time and money.
In Arizona, creating a Beneficiary Deed does not require an attorney; however, it is wise to work with a legal professional experienced in Arizona deeds and estate planning to ensure the document is drafted and recorded in accordance with state law.
A Beneficiary Deed may provide a convenient and cost-effective way to transfer real estate to your loved ones after your death. It is a valuable tool to consider when creating your estate plan, offering both simplicity and control over your assets.