While probate is not an intrinsically bad process, there are many circumstances in which people stand to benefit from planning to avoid it if possible. Avoiding probate is many times the wisest economical choice, and it also provides beneficiaries with quicker access to assets upon the decedent’s death. There are a number of strategies available for avoiding probate, but there definitely isn’t a one-size-fits-all approach. Different legal tools are available for different types of assets, and nobody should engage in legal planning an Arizona probate attorney.
Arizona probate law allows for the use of a beneficiary deed to transfer real property upon the property owner’s death without going through probate. A beneficiary deed provides perhaps the simplest way for a property owner to convey real property to a beneficiary. Unlike trust property or property that passes through probate, a beneficiary deed immediately conveys the real property to a beneficiary upon the property owner’s death.
Property owners who wish to quickly pass their real property to a beneficiary upon their death can sign and record an Arizona beneficiary deed. The deed can be changed or revoked at any time after it is recorded, as beneficiaries do not have a right to the property until the owner passes away. Perhaps most attractive to property owners is that beneficiary deeds are less costly than trusts for avoiding probate.
Beneficiary deeds are but one of the tools that are available for avoiding probate. Before determining that a beneficiary deed is suitable, however, people should always consult with an Arizona probate attorney. Probate avoidance is always fact-specific, and a comprehensive plan involves a great deal of strategy. It is a good idea to speak with a probate attorney who understands the Arizona Probate Code before determining which tools to utilize.