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Louisiana
Beneficiary Deed

Louisiana 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

Real Estate and TOD in Louisiana Unlike some states, Louisiana does not currently allow the use of TOD deeds for real estate.

There is a specific order that the decedent's family will inherit. The family members inherit starting with brothers and sisters, then parents, then aunts and uncles, and then cousins. The first group of people that are present inherits all of the decedent's property.

A Will provides instructions for all of the assets included in your estate, whereas a beneficiary designation is for a specific asset. Further, a Will is something that you set up on your own , whereas a beneficiary designation is a document required by the company holding the asset.

1) Louisiana does NOT recognize Transfer on Death (TOD) accounts. In Louisiana, the TOD designation is basically ignored and the asset must go through the deceased's Succession (Probate). Many times that is not the same person (or in the same amount) as the named TOD.

To get a Judgment of Possession in Louisiana, you must file a Petition for Possession with the court. The Petition for Possession is a legal document filed with the court by the representative of the succession. It requests that the court place the heirs or legatees in possession of the decedent's property.

A trust can be a simple yet very flexible estate planning tool that we often use to avoid the tedious and costly probate process. A Will is designed for one thing ? to be probated. Probate in Louisiana is when we file your Will with the courts after you pass away.

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

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