Beneficiary designations seem simple: you add a child or loved one to your bank account, retirement plan, or life insurance policy, and you assume your planning is done. While these forms do play an important role in estate planning, relying on them alone can create unintended consequences, disputes, and even court involvement.
Read MoreIn Arizona, a beneficiary deed allows property to be transferred to someone else automatically when the current owner dies. Some homeowners use a beneficiary deed to bypass probate. The homeowner keeps control of the property, including the ability to sell or refinance the property even if they have recorded a beneficiary deed. Beneficiary deeds are revocable. In other words, the homeowner can change their mind after recording a beneficiary deed as long as they still own the property and record a new deed. Beneficiary deeds can be recorded for property even if there is a secured debt or lien on the property. The grantee of a beneficiary deed does not have any rights to the property until and unless the record owner of the property passes away.
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