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.
Not quite! A beneficiary deed specifically transfers property directly, while a will covers all sorts of things and requires going through probate.
If the beneficiary passes away before you, the property will typically go to whoever you name as a backup beneficiary, if you named one.
Absolutely! You can change the beneficiary as many times as you want, just like you can swap out ingredients in a recipe.
While you don’t necessarily need a lawyer to create one, it's wise to consult one to ensure everything is in order and you don’t open a can of worms later.
Pretty much anyone can be named as a beneficiary, like family members or trusted friends. Just make sure you trust them to handle your property.
Using a beneficiary deed can save your loved ones a lot of hassle and time. It allows them to avoid the probate process, which can be as slow as molasses.
A basic beneficiary deed is a legal document that lets you transfer your property to someone after you pass away, without going through probate.