Currently the property is held as Joint Tenants (Tenants in Common). It sounds like the simplest solution would be to amend the warranty deed to Joint Tenants w/Right of survivorship. If we choose to transfer it to the revocable trust would the process be the same with the recorders office?
If we changed it to the Trust, I assume we would use the exemption code B8 (ARS 11-1134) which states: "A transfer from a person to a trustee or from a trustee to a trust beneficiary with only noniminal consideration for the transfer." Is that correct?
If we change to Joint Tenants with right of survivorship, should we use the B11 exemption code which states: "A transfer from two or more persons to themselves to create an estate in joint tenancy with right of survivorship."?
When transferring to all three names, we used the exemption code (ARS11-1134) as B-3 which states: "A transfer of residential property between family members as described below (defination of family member) with only moninal actual consideration for the transfer."
I think it is pretty simple, but I want to be sure I am doing this correctly. Thank you and I look forward to your response.
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