Legal Question in Wills and Trusts in Arizona

If the property is in the protected zone, ie. Rocky Point, then the property is titled in the name of a trust, usually with a bank named as the trustee, and the trust must be renewed (a fee paid) after a certain number of years. If not, then the property could be titled in the name of a non-resident. In both cases, you, your brother and parents should have a partnership agreement or something similar, which sets forth the terms and conditions of ownership, usage, what happens if someone get divorced, is incapacitated, goes bankrupt, or just wants to withdraw from the deal. The agreement sets forth the rights, duties and obligations of the partners.

If your parents intend to be the sole owners, and you are just paying a portion of the taxes and maintenance in exchange for the right to use the property from time to time, you should still have a written agreement as above, however, you will have no rights to ownership unless your parents give you that right, and if they sold the property, you would have no interest in the proceeds.

So, you have to have a clear agreement with your parents.