Ways to own property in Arizona


 Ways To Take Title In Arizona

Community Property   

Joint Tenancy

with Right of

Survivorship

Community Property

with Right of Survivorship

Tenancy in

Common

Requires a vialid marriage

between two persons.

Parties need not be married;

may be more than two

joint tenants   

Each spouse holds an

undivided one-half interest

in the Estate

Each joint tenant holds an equal

and individed interest in the

estate untiy of interest

One Spouse cannot partition

the property by selling his

or her interest

One joint tenant can partition

the property by selling his

or her joint interest

Requires signatures of

both spouses to convey or

encumber.

Requries signatures of all

 joint tenants to convey

or encumber the hole

Each spouse can devise (will)

one-half of the community

property.

Estate passes to surviving

joint tenants outside

of probate

Upon death the estate of the

decedent must be "cleared"

through probate, affidavit or

adjudication.

No court action required to

"clear" title upon death

of joint tenant(s0.

Both halves of the community

property are entitled to a

"stepped up" tax basis as of

the date of death.

Decesased tenant's share is

entitled to a "stepped up"

tax basis as of the date

of death.

 

Note: Arizona is a community property state. Property acquired by a husband and wife is presumed to be community property unless legally specified otherwise. Title may be held as "sole and separate" if a married person acquires a disclaimer deed to avoid the perseumption of community property. Parties may choose to hled title in the name of an entity., e.g. a corporation; limited liability company; a partnership (general or limited) or a trust. Each method of taking title has certain significant legal and tax consequences;therefore you are encouraged to obtain advice from an attorney or other qualified professional.