What Arizona Property is Not Transferred by Will?
Not all assets owned or controlled by a person are transferred by will. Property that is not transferred by will includes:
- Property owned as Joint Tenants with Right of Survivorship (“JTWROS”). Property that is owned jointly with right of survivorship is automatically transferred by operation of law to the surviving owner upon the other owner’s death. Often spouses will own a home or other real estate as joint tenants with right of survivorship; so that upon the death of one spouse, the other spouse automatically becomes the sole owner of the property.
If there are any provisions in a will concerning the transfer of property held as JTWROS, such provisions will be invalid. However, it is possible that property might be owned between two people as joint tenants without the right of survivorship. In that case, each joint owner can transfer his or her interest in the property by will.
- Pay on death (POD) accounts. POD accounts often include bank accounts. In a POD account, the bank is instructed to automatically transfer the account to the POD designee.
- Life Insurance Proceeds. Under life insurance policies, the named beneficiary or beneficiaries are entitled to the benefit upon the death of the insured.
- Property that is Held in Trust. Property that is held in trust is not transferred by will, as the trust is considered a separate entity. As a result, even if the person controlling the trust property is the same person who is executing a will, the property that has been legally transferred to the trust is not conveyed by will.
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