questions & answers
Question: I own a rental property with another person, can I leave my half of the property to my children with a beneficiary deed?
Answer: Beneficiary deeds are governed by Arizona Revised Statutes, Section 33-405. Whether you can covey your interest in the rental property by beneficiary deed may depend on how the property is held. If you and your co-owner hold the property as tenants in common, you may be able to use a beneficiary deed. If you hold it in joint tenancy, it may not be possible. Consult your deed. If you are able to execute a beneficiary deed, you will need to modify the form to reflect you are conveying a 1/2 interest only. You may want to discuss this with a lawyer. If you decide to do that, bring a copy of your deed to the consultation. There are 3 programs in Arizona that you can use to get some inexpensive legal advice and guidance. One is the Modest Means Program. If you are financially qualified for the program, for a $75 fee, Modest Means offers a one hour consult with an attorney. If you need additional help and the attorney agrees to take your case, the fee charged will not exceed $75 per hour. The telephone number is (866)637-5341. Both the Maricopa and Pima County Bar Associations have lawyer referral programs that offer a 30 minute consult with an experienced attorney. Maricopa County's Lawyer Referral Service offers a 30 minute consult for a fee of $40. The telephone number is (602) 257-4434. Pima County's Lawyer Referral Service offers a 30 minute consultation for a fee of $35. The telephone number is (520) 623-4625.
I own a rental property with another person, can I leave my half of the property to my children with a beneficiary deed?
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