Missouri Change of Beneficiary
Description
How to fill out Change Of Beneficiary?
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FAQ
Once again today I got to explain to a child that a Will does not override a Beneficiary Deed. Beneficiary Deeds transfer property to another upon the death of the owner of the property. They are sometimes called ?TOD? or ?Transfer on Death? Deeds.
Section 461.025 of the Missouri Non-Probate Transfers Law permits almost a ?will-like? provision to be incorporated in a deed naming a beneficiary or beneficiaries while stating that the deed is not to take effect until the death of the owner, or the last to die of two or more owners.
At your death, the real estate goes automatically to the person you named to inherit it (your "beneficiary"), without the need for probate court proceedings. (Mo. Rev. Stat.
One of the duties of the trustee is that, within 120 days from accepting a trusteeship, the trustee must notify the beneficiaries and provide them with information regarding the trust.
However, it's important to understand that simply having a will does not mean that your beneficiaries will avoid going through probate court upon your death. In fact, having a will alone ? with no other planning documents ? means going through probate is almost a certainty.
If you and the other joint tenants sign the beneficiary deed, then the property will go to the TOD beneficiary when the last joint tenant dies. If you're the only joint tenant who signs and records a beneficiary deed, the deed will be effective only if you are the last surviving owner of the property.
The fee charged by a local County Recorder of Deeds office to record a Beneficiary Deed averages between $24 and $30. The Grantor should contact the local County Recorder of Deeds office to inquire as to the current fee charged. Upon recording the deed the Recorder of Deeds office will mail the original to the Grantor.
A beneficiary deed is a type of real estate deed that is used in estate planning to ensure that your home or land avoids probate. Missouri statute section 461.025 authorizes the use of beneficiary deeds in the state of Missouri.