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Arizona Real Estate Law
by Christopher A. Combs
The following is for informational purposes
only and is not intended as definitive legal or tax advice. You
should not act upon this information without seeking independent
legal counsel. If you desire legal, tax or other professional advice,
please contact your attorney, tax advisor or other professional
consultant.
Options To Transfer Property Upon Death
Question: My two daughters live in a house that I own in Mesa. I would like my two daughters to be the owners of this house when I die. Should I provide in my will for this house to go to my two daughters, or should I simply add my two daughters to the title to the house now?
Answer: One, if you add your two daughters now to the title to the house, you will lose control over the house. I know many parents who add their children to the title to a house and later "live to regret it." For example, the parents have a quarrel with the children whether to sell or refinance the house, and ultimately everyone becomes involved in a costly legal battle. Furthermore, if the children are on the title to the house and have problems with creditors, the creditors can obtain a lien against the house. Second, as part of an estate plan, you could provide in a will or a trust for the transfer of the house to your two daughters upon your death. Third, the easiest and cheapest way, however, is to execute and record a beneficiary deed now to your daughters. Upon your death, your two daughters would automatically be the owners of the house.
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