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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Interesting Questions
While it's not required, getting help from an attorney can be a smart move to make sure everything is correct and legally binding.
If your beneficiary passes away before you do, the property will go according to your estate plan. You can update the deed to name a new beneficiary anytime.
Nope! You can name as many beneficiaries as you want. Just be sure that the property can be shared among them as needed.
Absolutely! You can change or revoke your Basic Beneficiary Deed at any time, as long as you follow the proper legal procedures.
Creating a Basic Beneficiary Deed doesn’t automatically change your will, but you might want to review your will to ensure everything is in sync and reflects your wishes.
You can name anyone you like as a beneficiary, such as a family member, friend, or even a charity. It's completely up to you!
A Basic Beneficiary Deed is a legal document that allows property owners to transfer their property automatically to a beneficiary when they pass away, without having to go through probate.