Decisions, decisions, decisions. You can leave your home to your heirs through your will, of course. Or, you can use a beneficiary deed.
Choosing to Leave Your Home Through Your Will.
Your Last Will and Testament (“Will”) determines how your property is divided when you die. You can (and most people do) leave your real property to your heirs (your spouse; children) through your will. This is a completely proper and valid way to pass on your property.
However, if you leave the family home to your heirs through your will, it must pass through probate. Not the time-consuming and expensive probate process which occurs when you have no will, but probate nevertheless. There is nothing wrong with this.
But, there is another option.
Arizona law allows you to pass on your real property by way of a beneficiary deed. (A.R.S. § 33-405. ) This means that you can sign and record a deed during your lifetime, that transfers your real property to one or more people upon your death.
The advantages to using a beneficiary deed as opposed to your will, are that you can:
- name one or more beneficiaries
- one or more owners can leave the property to multiple beneficiaries
- the deed transfers the property only upon your death, and
- you can revoke it at any time.
In contrast to leaving your property through your will, with a beneficiary deed, your heirs will receive the property immediately upon your death because the deed does not have to go through probate.
Don’t Know What is Best for Your Estate?
If you would like to learn more about beneficiary deeds or anything related to trusts and estates, call us. We Are Estate Planning Attorneys in Arizona. We have offices in Sedona and we serve Verde Valley as well as all of Arizona. We offer free consultations and we can help you with your estate planning needs. Contact us to set up your free appointment.