Operating a short term rental property can be an intimidating venture. Owners of rental homes are expected to comply with pertinent laws and property restrictions, or hire someone that can help them comply with their obligations. Avoid unnecessary legal risk and focus on maximizing their property’s potential by accounting for these top ten considerations from the outset.
Read MoreProbate is a legal process that takes place after someone passes away. It involves the informal or formal transfer of a deceased person’s assets to their heirs or beneficiaries through a court. Here in Arizona, this process is governed by the Arizona Probate Code. The probate process can be lengthy and costly.
Read MoreWhat happens if you and/or your partner pass away while your children are still minors? A last will and testament or living trust ensures a seamless transition for the care of your minor children. If you die without a will or living trust formally appointing a guardian for your children (intestate), the court may appoint a guardian for your child. Priority is generally given to family members. The process can be contentious if multiple relatives disagree about the best interests of the child or children.
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.
Read MoreMost people know the benefits of a good estate plan. Comprehensive estate plans help you designate a guardian for your minor children, a personal representative to administer your estate if you die, and a fiduciary to make financial and health decisions if you are incapacitated. You can also individually assign your real estate, cars, life insurance, and financial accounts to specific people upon death.
Read MoreIf you’ve been wondering when the best time to create your estate plan, the answer is now. Estate planning allows you to create a comprehensive plan to accomplish your goals and give you peace of mind.
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