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Hawaii
Beneficiary Deed

Hawaii Beneficiary Deed

Category:

Real Estate - Deeds - Transfer on Death

State:

Multi-State

Control #:

US-03279BG

Format:

Instant download

Description

A beneficiary deed is a another type of real property deed used to transfer property. By signing and recording a beneficiary deed, an owner of an interest in real property may cause the owner's interest in the real property to be conveyed to people or entities upon the owner's death. The interest in real property conveyed by a beneficiary deed does not take effect until the death of the owner, at which time that interest transfers automatically by law to the designated grantee named in the beneficiary deed.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Beneficiary Deed?

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FAQ

The deed or assignment of lease must be signed (in black ink) by the current owner and the new owner before a notary public. The deed or assignment of lease must be recorded in the State of Hawaii Bureau of Conveyances or Land Court. A Conveyance Tax Certificate must be filed and any tax due must be paid.

Potential Problems with Transfer on Death Deeds: Issues can include unintentional disinheritance, conflicts with joint tenants, and invalidation due to legal description errors.

Yes. The Hawaii Uniform Real Property Transfer on Death Act allows a single TOD deed to be signed by joint owners. The law sees a property owner who owns property with another owner with right of survivorship as a joint owner.

Revoking the deed. You have two options: (1) sign and record a revocation or (2) record another TOD deed, leaving the property to someone else. You cannot use your will to revoke or override a TOD deed.

Beneficiaries may file a lawsuit in Probate Court to assert their rights pertaining to a trust and may ask the Probate Court to: (1) Appoint or remove a trustee; (2) Review trustees' fees and to review and settle interim or final accounts; (3) Ascertain beneficiaries, to determine any question arising in the ...

Your transfer-on-death deed will be subject to Hawaii's 120-hour survival rule, which states that your beneficiary must survive you by 120 hours (or 5 days) to receive the property.

A Revocable Living Trust A trust can be a great mechanism to avoid probate and is the recommended method. While there are some upfront fees for creating a trust, the fees are typically much less than probate costs. Generally, you, as trustee, retain control of the assets held within the trust during your lifetime.

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