Posted on October 23, 2010.
Beneficiary deed Will consa My question is about the succession process in the state of Arizona
Hello everyone,
In 2003, my father signed a deed beneficiary in 2 of my older brothers as joint tenants (we call them A and B). To my knowledge that the transfer on death deed is simply to ensure that the property is transferred to the death to keep this piece of property to go into probate.
There are 4 children in total, including me.
In 2007, my father created his will, and in his will he stated that one of my elder brother (A), which would become the executor of the estate, would receive 50% of all assets / estate. That means he would receive 25% for himself and the other 25% manage it for a third brother (we'll call C) as C brother is handicapped and lives in a group home and is unable to manage his own expense. Brother B would receive 25%, and finally I would get 25%. My father-he included his property (he signed a former recipient act on) in his will, as part of his estate to be divided.
Finally, my father paid for the two different life insurance policies for many years. I do not know if they are assigned to a recipient (s) or left blank to be automatically transferred to the estate at his death.
In October of 2009, my father died. A brother, who is now the executor has not yet filed the will of the court.
My questions are;
1. Is beneficiary deed crush the willa Brothers A and B are able to split the 50/50 property and not proceed with the 50 / 25 / 25 as stated in the willa
2. If my father does not awarded a single brother (or two) as beneficiary on life insurance policies, the brother would be able to keep everything for himself and not be necessary to divide the sum among 4 of usa I do not know if there is a trust.
Any information would be greatly appreciated.
Thank you!
A beneficiary deed transfers ownership upon death without the shift in the succession. The only one that applies to the estate. The act is not 'override' will. I prevents the related asset of ever being subject to the terms of the will. The beneficiary of an insurance policy to receive funds from outside the estate and can do whatever they want with the funds, irrespective of any provision of the will, which never applied to payments. A trust, if any, is 100% different from what you've said so far and can have any conditions are listed in the trust. All assets of the trust can remain in trust forever, it's confidence is written this way.