Some people buy a piece of real estate knowing that they will need to move again in a few years for their career or downgrade their house when their children move out and they prepare for retirement. Others buy a property and intend to live there for the rest of their lives.
Whether you expect your current home to be your permanent residence or just one more stop along the way for your family, it is important to include what may be your most valuable asset in your estate plan. How do you transfer real estate to the people you love in Arizona?
You can add them to the title
The simplest way you can give someone right to a property is to execute a deed adding them to the title. If you are joint tenants with rights of survivorship, the other party will inherit your interest in the property when you die.
You can create a trust
Another way that people streamline the transfer of their real estate is to make a trust the sole owner of the property. A property held in trust can offer someone a place to live without giving them the right to sell the property or use it as financing collateral.
You can sign a beneficiary deed
If you want to transfer property after you die, you can complete and record a beneficiary deed which transfers ownership after your death. Unlike adding them to title, it does not give your beneficiaries any ownership until after you die.
How you take title and update how you hold your real property can play an important role in estate planning.