Fill and Sign the Beneficiary Deed Form

© 2016 - U.S. Legal Forms, Inc.       ARKANSAS BENEFICIARY OR TRANSFER ON DEATH DEED {Husband and Wife / Two Individuals to Husband and Wife / Two Individuals} Control Number: AR-04-84 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. DESIGNATING HOW THE GRANTEES WILL HOLD THE PROPERTY: A. In the State of Arkansas, real property can be held by more than one person (concurrent estates) in the following ways: 1. If the Grantees ARE NOT married to each other, they can hold the property as: a. Tenants in Common: a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” but may differ in size. b. Joint Tenants with the Right of Survivorship ( JTWROS) : is a type of concurrent estate in which co-owners have a right of survivorship , meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. 2. If the Grantees ARE married to each other, they can hold the property as: a. Tenants in Common – See above b. Joint Tenants with the Right of Survivorship – See above c. Tenants by the Entirety - a type of concurrent estate formerly available only to married couples, where ownership of property is treated as though the couple were a single legal person. Like a JTWROS, the tenancy by the entirety also encompasses a right of survivorship, so if one spouse dies, the entire interest in the property passes to the surviving spouse, without going through probate. 3. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with Right of Survivorship; or, Tenants by the Entirety. B. For additional information on the above see the definitions at: http://lawdigest.uslegal.com/ C. For example: “as Tenants in Common ,” III. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Arkansas. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Prepared by and, after recording, return to:                         CAUTION: IN ORDER TO BE EFFECTIVE, THIS DEED MUST BE RECORDED PRIOR TO THE DEATH OF THE LAST SURVIVING GRANTOR. BENEFICIARY DEED KNOW ALL PERSONS BY THESE PRESENTS THAT: For a non-monetary, intangible consideration, of value, Grantors       and       , Husband and Wife , hereby convey to       and       , Husband and Wife , Grantees, effective upon the last surviving Grantor’s death, as       , the following described real property, together with all improvements located thereon, lying in the County of       , State of Arkansas, to-wit: See Legal Description Attached as Exhibit A incorporated by reference Legal Description:       Prior instrument reference: Book       , Page       , Document No.       , of the Recorder of       County, Arkansas. If any Grantee Beneficiary precedes us in death, then: (choose one) a. the conveyance to the deceased Grantee Beneficiary shall become null and void and the entire estate shall pass to the surviving Grantee Beneficiary at the time of the death of the last surviving Grantor. b. the conveyance to the deceased Grantee Beneficiary shall become part of the estate of the deceased Grantee Beneficiary. Beneficiary Deed Piage 1 of 2 If both Grantee Beneficiaries precede us in death, this deed shall become null and void. IN WITNESS WHEREOF Grantor’s have executed this Beneficiary Deed on the day and year set forth below. (Signature of 1 st Grantor)       Type or Print Name (Signature of 1 st Grantor)       Type or Print Name State of Arkansas , County of       The foregoing instrument was acknowledged before me on       , 20       , by       . NOTARY PUBLIC       Type or Print Name My Commission Expires:       State of Arkansas , County of       The foregoing instrument was acknowledged before me on       , 20       , by       . NOTARY PUBLIC       Type or Print Name My Commission Expires:       Beneficiary Deed Piage 2 of 2 EXHIBIT A Grantors:             Grantees:             Legal Description:       Beneficiary Deed Exhcbct A