What is A Beneficiary Deed?
A Beneficiary Deed is a special form of deed that allows you to give real property to another individual, upon your death.
-Transfer by Beneficiary Deed avoids Probate.*
- Single or multiple beneficiaries.
-Needs to be recorded at the Recorder of Deeds office.
-Ownership does not transfer upon the Deed's creation.
-Transfer of ownership occurs upon the grantor’s death.
-Can be revoked or amended by the grantor during their lifetime.
*Probate is an expensive, time-consuming, court-ordered process that a decedent’s property must go through upon their death. Exceptions to Probate include real property with a recorded Beneficiary Deed and property held in a Trust.
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Want to know more? Check out our Estate Planning Glossary!