Fake Money- Real Lessons
What I Learned from Monopoly
Photo By: William Warby
Monopoly was one of my favorite board games as a kid. My sister was always the banker and somehow always cheated by stealing $500 bills when I wasn’t looking. It didn’t matter—I loved collecting deeds and building apartments and hotels. I also loved “passing Go” and collecting $200.
I have passed the joy of Monopoly on to my son. Will has been the banker since he turned 5. He learned about deeds and mortgages, how to make change, and he loves to purchase Yosemite and Yellowstone (the equivalent of Park Place and Boardwalk in the National Parks edition.)
I never expected that I would look at deeds on a daily basis when I grew up. Proof that childhood games can teach us practical skills!
Here are a few tips on how to protect this significant asset.
- If your home is deeded to you as “husband and wife” or “community property” make sure it states, “with right of survivorship.” If not, 50% of the house will be a probate asset when the first of you dies.
- Arizona does not have “joint tenants” ownership. It must state “joint tenants with right of survivorship.” If not, a portion of the property will likely go through the probate process when one deed owner dies.
- Record a Beneficiary Deed stating who gets your property when you die OR deed your property to your revocable trust now. Both strategies ensure your house will avoid the probate process.
- If your house was titled in the name of your trust and you have since refinanced a mortgage, make sure the property is re-titled to your trust at the conclusion.
- Register for the title alert in each Arizona county you own real property. This alerts you when a document is recorded in your name or business name and can combat title fraud.
- Have professionals prepare your deeds to avoid costly mistakes!
In most Arizona counties, you can easily search for a free copy of your deed on that county recorder’s website. If you need help with deeds, protecting your property against probate, and ensuring your estate planning goals are met, please call us!