Oregon Beneficiary Deed

State:
Multi-State
Control #:
US-03279BG
Format:
Word; 
Rich Text
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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FAQ

To create a transfer-on-death deed in Oregon, the property owner must execute and record a TOD deed that names one or more beneficiaries who will inherit the property upon the owner's death. The TOD deed must also describe the property and specify the ownership interest that is being transferred.

The beneficiary acquires ownership on the current owner's date of death. If the beneficiary later sells the property, any capital gain will be based upon the value of the property at the original owner's date of death, not the value when the original owner acquired the property.

A beneficiary deed is a type of deed that transfers property to a beneficiary. Most deeds transfer property in the present. In contrast, a beneficiary deed can be used to make arrangements today to pass down property in the future.

The way it differs from a TOD deed is that a living trust can be used for any type of asset, not just real estate. So if you have stocks, savings accounts, valuable belongings, or other assets that you want to transfer to someone after your death, a living trust is a way to do it.

Cons To Using Beneficiary Deed Estate taxes. Property transferred may be taxed. No asset protection. The beneficiary receives the property without protection from creditors, divorces, and lawsuits. Medicaid eligibility. ... No automatic transfer. ... Incapacity not addressed. ... Problems with beneficiaries.

The key purpose of a beneficiary deed is to transfer real estate to your heir in the future, and not in the present moment. The secondary (and also key) purpose is to keep your property outside of probate. If you simply leave your property to your heir in a Will, then that property will be subject to probate.

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Oregon Beneficiary Deed