By Harry J. Lenaburg, Esq.
Many clients come to consult with me for advice on various methods of avoiding the necessity of the filing of a probate of their estate by their heirs. Some choose to establish a Revocable Living Trust, while others choose other methods.
One such tool to avoid probate in the context of real property is the execution and recording of a beneficiary deed. Such a deed provides that upon the recording of the death certificate of the grantor, the real property will thenceforth be titled to the designated beneficiary or beneficiaries.
The recording of a beneficiary deed does not transfer any right in the property to the designated beneficiary during the life of the grantor. In other words, the grantor remains free to sell or otherwise transfer the property. One drawback to simply titling the property as a joint tenant with a child is that that child has the right to transfer his or her interest in the property without your consent. Also a judgment lien recorded against that joint tenant attaches to the property, and should you decide to sell the property such a judgment lien would have to be satisfied from the proceeds of the sale.
A beneficiary deed is the perfect solution to this dilemma. Please contact our office or an law office in your area to have one prepared.
The Law Firm of Jessica M. Cotter, P.L.L.C.
18301 North 79th Avenue, Suite F-168
Glendale, Arizona 85308