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! Laws vary by state, so while it's allowed in California, make sure to check the rules where you live.
If you don’t name anyone, the property will go through probate, which can be a lengthy and complicated process – kind of like waiting for water to boil.
Absolutely! You can revoke or change it any old time, just like flipping a pancake if you need to make adjustments.
Typically, a Basic Beneficiary Deed doesn’t affect property taxes until the property is sold or transferred to the beneficiary.
While you don’t necessarily need a lawyer, it’s a smart move to consult with one to make sure everything’s in tip-top shape.
You can name pretty much anyone as a beneficiary, like family members, friends, or even charities - just make sure they’re trustworthy!
A Basic Beneficiary Deed is a legal document that lets a property owner transfer their home to a beneficiary upon their passing, without the hassle of probate.