Arizona is a community property state. There is a statutory presumption that all property acquired by husband and wife is community property.
Community Property
Community property is a method of co-ownership for married persons only. Upon the death of one of the spouses the deceased spouse?s interest will pass by either a will or intestate succession.
Community property is a method of co-ownership for married persons only. Upon the death of one of the spouses the deceased spouse?s interest will pass by either a will or intestate succession.
Community Property with Right of Survivorship
A community property with right of survivorship estate can be held by a husband and wife when created by express language in the vesting document. Upon the death of a spouse the estate is vested in the surviving spouse; and an Affidavit Terminating Right of Survivorship, together with a certified copy of the death certificate, is recorded.
A community property with right of survivorship estate can be held by a husband and wife when created by express language in the vesting document. Upon the death of a spouse the estate is vested in the surviving spouse; and an Affidavit Terminating Right of Survivorship, together with a certified copy of the death certificate, is recorded.
Joint Tenancy with Right of Survivorship
Joint tenancy is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals. If a married couple acquires title as joint tenants with right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
Joint tenancy is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals. If a married couple acquires title as joint tenants with right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
Tenancy in Common
A method of co-ownership when parties do not have survivorship rights and each owns a specific undivided interest in the entire title. Each co-owner has a separate title to his/her interest, and can transfer his/her interest with the other co-owners.
A method of co-ownership when parties do not have survivorship rights and each owns a specific undivided interest in the entire title. Each co-owner has a separate title to his/her interest, and can transfer his/her interest with the other co-owners.
Sole and Separate
Real Property owned by a spouse before marriage or any acquired after marriage by gift, devise, descent or specific intent. If a married person acquired title as sole and separate property, his or her spouse must execute a disclaimer deed.
Real Property owned by a spouse before marriage or any acquired after marriage by gift, devise, descent or specific intent. If a married person acquired title as sole and separate property, his or her spouse must execute a disclaimer deed.
Corporation
Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.
Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.
General Partnership
Title may be taken in the name of a general partnership duly formed under the laws of the
state of the formation of the partnership. A partnership is defined as a voluntary association of two or more persons as co-owners in a business for profit.
Title may be taken in the name of a general partnership duly formed under the laws of the
state of the formation of the partnership. A partnership is defined as a voluntary association of two or more persons as co-owners in a business for profit.
Limited Partnership
A partnership formed by two or more persons under the laws of Arizona or another state and having one or more limited partners. A certificate of limited partnership must be filed in the office of the Secretary of State.
A partnership formed by two or more persons under the laws of Arizona or another state and having one or more limited partners. A certificate of limited partnership must be filed in the office of the Secretary of State.
Limited Liability Company
A limited liability company formed by two or more persons under the law of Arizona or another state. A limited liability company operates similar to a partnership with protection, which is similar to a corporation. An Arizona limited liability company must be filed with the State of Arizona.
NOTE: Each particular method of taking title has certain legal and tax consequences; thus you are encouraged to obtain advice from an attorney or other qualified professional to determine which way is best for you.
