Beneficiary Deeds - MVD Beneficiary
BENEFICIARY DEED –MOTOR VEHICLE DEPARTMENT BENEFICIARY DESIGNATION
In the state of Arizona a person can pass on their home or vehicle to a beneficiary without having to open a Probate Estate. This is done by either a Beneficiary Deed or Motor Vehicle Division Beneficiary Designation respectively.
A Beneficiary Deed is an effective estate planning tool in which the owner of real property located in Arizona can transfer title to the property to another person or entity on their death. The Beneficiary Deed, which contains the beneficiary designation, is recorded in the County Recorder’s Office in the county where the property is located. A Beneficiary Deed allows the transfer of real property after a person passes without having to go through the probate process.
To make the transfer, when a person dies, a certified copy of their death certificate must be recorded in the County Recorder’s office where the property is located. Once this is done, the conveyance of the property is complete.
As with the Beneficiary Deed, an owner of a motor vehicle can transfer title to their vehicle to another person on their death without having to open a probate case. A person must complete the Arizona Motor Vehicle Division Beneficiary Designation Form. When the owner dies, the beneficiary submits the completed form along with the original title to the vehicle and a certified copy of the deceased’s death certificate to the Motor Vehicle Division. Motor Vehicle Division will then reissue title to the vehicle in the name of the beneficiary.
It should be noted that a transfer of property via a Beneficiary Deed or Motor Vehicle Beneficiary Designation is only effective upon the owner’s death. Therefore, a person may always revoke the beneficiary designations at any time prior to their death.
The attorneys at Owens & Perkins are well versed in the estate planning options to help you set up a plan that will meet your particular needs.
If you would like to work with one of our experienced Attorneys, please call OWENS & PERKINS at (480) 630-2464 to schedule your free 30-minute consultation.