When thinking about making an estate plan, you want to try and make sure that you avoid having you property go through the probate process. To do this it is good to look into the use of a Ladybird deed, also known as beneficiary deed or transfer on death deed.

 

1.   A beneficiary deed will allow you to choose a beneficiary who will receive your property, but this is only after your death. The beneficiary that you choose will not have any rights to your property while you are still living.

 

2.   You are able to choose an alternate beneficiary in the event that the beneficiary you choose is not around to receive the property or the beneficiary refuses to receive your property.

 

3.   To make sure that a beneficiary deed is legal you will need to take it to a Maricopa county recorders office or another local county records office in Arizona where the property is located. This is so that you make sure to follow the rules of your county recorder, because the there are different rules involved depending on the location of the property.

 

4.   Going to your county record office and requesting a revocation form or creating a new beneficiary deed, which will replace the original deed that was created, can revoke a beneficiary deed.

 

5.   Be sure to let your beneficiary know that if you happen to still owe money on your property when you pass away, that they will become responsible for the money owed on that property.

 

6.   The ladybird deed or beneficiary deed also allows you as the owner of the property to sell the property at any time you choose, without permission from the beneficiary.

 

7.   It is important to know what a Arizona beneficiary deed is and what it consists of because it does have other names that it is referred to as and the state law can change frequently, as to what is and is not allowed to be included in the deed.

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