Fill and Sign the Control Number Ar 06 83 Form

© 2016 - U.S. Legal Forms, Inc. ARKANSAS BENEFICIARY OR TRANSFER ON DEATH DEED [Two Individuals to Three Individuals] Control Number: AR-06-83 I. TIPS ON COMPLETING THE FORMSThe 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 outside probate.2. If the Grantees ARE married to each other, they can hold the property as:a. Tenants in Common – See aboveb. Joint Tenants with the Right of Survivorship – See abovec. Tenants by the Entirety - a type of concurrent estate 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 , . . .” OR“. . . as tenants by the entireties , . . .” OR“. . . as joint tenants with the right of survivorship , . . .” III. DISCLAIMERThese materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the subject state. 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. Beneficiary Deed Page 1 of 2This document prepared by (and after recording return to):Name: Firm/Company: Address: Address 2: City, State, Zip: Phone: ))))))))))--------Above This Line Reserved For Official Use Only------------- BENEFICIARY DEED (Two Individuals to Three Individuals) CAUTION: THIS DEED MUST BE RECORDED PRIOR TO THE DEATH OF THE LAST GRANTOR IN ORDER TO BE EFFECTIVE. GRANTORS: , an individual, married unmarried, and , an individual, married unmarried, for a non-monetary, intangible consideration, of value to the Grantors Hereby Conveys Unto GRANTEES: , an individual, married unmarried, , an individual, married unmarried, and , an individual, married unmarried, as joint tenants with the right of survivorship and not as tenants in common, effective upon our death, the following lands and property, together with all improvements located thereon, lying in the County of ______________________, State of Arkansas, to-wit: See Attached as Exhibit A incorporated by reference as though set forth in full Legal Description: If any Grantee Beneficiary precedes us in death, then (select 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(ies) at the time of our death. b. the conveyance to the deceased Grantee Beneficiary shall become part of the estate of the deceased Grantee Beneficiary and shall pass upon our death.If all three Grantee Beneficiaries precede us in death, this deed shall become null and void. Beneficiary Deed Page 2 of 2SUBJECT to all easements, rights-of-way, protective covenants and mineral reservations of record, if any. WIT N ESS G ra n to rs h an d a n d s e al o n t h e d ay a n d y ear s e t f o rth b elo w . Date: Date: (1st Grantor’s Signature)(2nd Grantor’s Signature) Print or Type Name Print or Type NameState of Arkansas, County of On this the day of , 20 , before me, , the undersigned officer, personally appeared , known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. Notary Public [SEAL] Type or Print NameMy commission expires: State of Arkansas, County of On this the day of , 20 , before me, , the undersigned officer, personally appeared , known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. Notary Public [SEAL] Type or Print NameMy commission expires: TOD / Beneficiary Deed Exhibit A EXHIBIT A Grantors: Grantees: Legal Description: