This form is a Warranty Deed where the grantor(s) retains a life estate in the described property.
Lee's Summit Missouri Warranty Deed for Parents to Child with Reservation of Life Estate
State:
MissouriPlease select your state
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City:
Lee's Summit
Control #:
MO-SDEED-2
Format:
Word;
Rich Text
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FAQ
Missouri is one of a few states that allow residents to avoid probate with their home by recording what is called a beneficiary deed.
§15-15-404, in order for a beneficiary deed to be effective it must contain the words ?conveys on death? or ?transfers on death? or ?otherwise indicate the transfer is to be effective on the death of the owner.? The beneficiary deed must be signed in front of a notary and then recorded in the clerk and recorder's
Missouri allows you to leave real estate with transfer-on-death deeds, also called beneficiary deeds. You sign and record the deed now, but it doesn't take effect until your death. You can revoke the deed or sell the property at any time; the beneficiary you name on the deed has no rights until your death.
Missouri Beneficiary Deed Rev. Stat. section 461.025.) You must sign the deed and get your signature notarized, and then record (file) the deed with the county recorder of deeds office before your death.
Wills, trusts, revocable trusts, beneficiary deeds, quit claim deeds, warranty deeds, options, life insurance beneficiary designations, retirement account beneficiary designations, bank account beneficiary designations, and other related matters may all be challenged for undue influence, incompetency, or fraud.
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 special kind of deed that can be filed with the local County Recorder of Deeds. The Beneficiary Deed transfers an owner's interest in real estate to named beneficiaries upon the owner's death without need for the probate process.
If you have made a will or previous beneficiary deed that leaves the property to someone, your new beneficiary deed will override it. Your rights. You keep complete ownership of, and control over, the real estate while you're alive.
Simply explained, a beneficiary deed provides an alternative to a will to convey real property to a beneficiary effective on the death of the owner when the beneficiary will become the vested owner.