There are potential problems if two (or more) people own the property with rights of survivorship. If only one owner creates a beneficiary deed, it might be ineffective. It depends on whether that owner was the first to die. If the owner who created the deed dies first, his interest goes to the other owner instead of the grantee(s) listed on the beneficiary deed. Additionally, the surviving owner can execute a new deed and name someone else as grantee(s).
If you need more information or assistance with a Beneficiary Deed, please contact us and speak with an experienced Arizona Estate Planning attorney today.