West Virginia 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 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.

Anyone can be named as a beneficiary of a TOD deed. You can name one person or more than one person, and you can choose how the individuals will receive the property, whether as Joint Tenants with Rights of Survivorship or as Tenants in Common etc.

§36-12-5. An individual may transfer property to one or more beneficiaries or contingent beneficiaries effective at the transferor's death by a transfer on death deed.

Virginia residents who own real estate property can use a transfer on death deed (TODD) to automatically transfer property directly to beneficiaries upon the owner's death. This can be a good estate planning strategy , especially for those whose primary asset is their house and they do not have much other property.

If you have made a will or previous TOD deed that leaves the property to someone, your new TOD deed will override it. Your rights. You keep complete ownership of, and control over, the real estate while you're alive.

How to Transfer Virginia Real Estate Locate the most recent deed to the property. ... Create the new deed. ... Sign and notarize the new deed. ... Record the deed in the land records of the clerk's office of the circuit court in the jurisdiction where the property is located.

You might be able to avoid probate in West Virginia by: Establishing and funding a Revocable Living Trust. Titling property smartly: in Joint Tenancy.

Paying estate debt. If all of your money has already been claimed by your pay-on-death beneficiary, there will be no money left to pay these debts, and some of your assets will have to be liquidated to do so. This could mean losing valuable property you had hoped to leave to a child or grandchild.

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