PLANNING TIPS TO POTENTIALLY MINIMIZE COSTS OF PROBATE ESTATE ADMINISTRATION

The ownership of a personal residence may be efficiently and economically transferred at death, without need of probate administration, by having executed and recorded a Beneficiary Deed, pursuant to Ark. Code Ann. Section 18-12-608, as set forth herein:
(a)(1)(A) A beneficiary deed is a deed that conveys an interest in real property, including any debt secured by a lien on real property, to a grantee designated by the owner and that expressly states that the deed is not to take effect until the death of the owner.
(B) A beneficiary deed transfers the interest to the designated grantee beneficiary effective upon the death of the owner, subject to all conveyances, assignments, contracts, mortgages, deeds of trust, liens, security pledges, and other encumbrances made by the owner or to which the owner was subject during the owner's lifetime.
(2)(A) The owner may designate multiple grantees under a beneficiary deed.
(B) Multiple grantees may be joint tenants with right of survivorship, tenants in common, holders of a tenancy by the entirety, or any other tenancy that is otherwise valid under the laws of this state.
(3)(A) The owner may designate a successor grantee beneficiary under a beneficiary deed.
(B) The condition upon which the interest of the successor grantee vests shall be included in the beneficiary deed.
(b)(1) If real property is owned as a tenancy by the entirety or as a joint tenancy with the right of survivorship, a beneficiary deed that conveys an interest in the real property to a grantee designated by all of the then surviving owners and that expressly states the deed is not to take effect until the death of the last surviving owner transfers the interest to the designated grantee beneficiary effective upon the death of the last surviving owner.
(2)(A) If a beneficiary deed is executed by fewer than all of the owners of real property owned as a tenancy by the entirety or as joint tenants with right of survivorship, the beneficiary deed is valid if the last surviving owner is one of the persons who executes the beneficiary deed.
(B) If the last surviving owner did not execute the beneficiary deed, the deed is invalid.
(c)(1) A beneficiary deed is valid only if the deed is executed before the death of the owner or the last surviving owner and is recorded before the death of the owner as provided by law in the office of the county recorder of the county in which the property is located.
(2) A beneficiary deed may be used to transfer an interest in real property to a trust estate even if the trust is revocable.
(d)(1) A beneficiary deed may be revoked at any time by the owner or, if there is more than one (1) owner, by any of the owners who executed the beneficiary deed.
(2) To be effective, the revocation must be:
(A) Executed before the death of the owner who executes the revocation and
(B) Recorded in the office of the county recorder of the county in which the real property is located before the death of the owner as provided by law.
(3) If the revocation is not executed by all the owners, the revocation is not effective unless executed by the last surviving owner and recorded before the death of the last surviving owner.
(4) A beneficiary deed that complies with this section may not be revoked, altered, or amended by the provisions of the owner`s will.
(e) If an owner executes more than one (1) beneficiary deed concerning the same real property, the recorded beneficiary deed that is last signed before the owner's death is the effective beneficiary deed.
(f)(1) This section does not prohibit other methods of conveying property that are permitted by law and that have the effect of postponing enjoyment of an interest in real property until the death of the owner.
(2) This section does not invalidate any deed otherwise effective by law to convey title to the interests and estates provided in the deed that is not recorded until after the death of the owner.

“Beneficiary” means one (1) individual who is designated to become the owner of a vehicle or watercraft upon the death of the current owner(s) as reflected on the vehicle certificate of title or watercraft registration certificate.  No more than three (3) owners may be listed on a vehicle title or watercraft registration certificate to which a beneficiary will be added.  A beneficiary cannot be a business, firm, partnership, corporation, association, or any other legally-created entity.  During the lifetime of the owner(s), the signature or consent of a beneficiary listed on a certificate is not required for any transaction relating to the vehicle or watercraft.  A beneficiary cannot be added if a vehicle or watercraft is subject to a lien.  If a vehicle title with a beneficiary is surrendered to file a lien, the beneficiary cannot be reflected on the newly issued title reflecting the lien.

Accounts should  be  titled SOLELY & EXCLUSIVELY in the name of the current owners.

Payable on Death Designation should be requested for persons to receive balance of accounts upon death of BOTH owners.
(Be prepared to provide names and social security numbers for all persons designated as beneficiaries.)

 Individual Retirement Accounts:

Contents of Residence; Gun Collection; Antique Furniture & Collections; Sporting Goods; All Other Personal Property:  Personal Property Memorandum to be referenced in Last Will and Testament