What is a Beneficiary Deed?
A Beneficiary Deed is a special type of deed that allows you to give real property to another individual, upon your death.
Why should you consider a Beneficiary Deed?
-Property transfers by Beneficiary Deed avoids Probate court.*
-You can have a single beneficiary or multiple beneficiaries.
-Title does not transfer upon the creation of your Beneficiary Deed.
-Title to your property would not occur until your death.
-Beneficiary Deeds can be revoked or amended during your lifetime.
*Probate is an expensive, time-consuming, court-ordered process that a decedent’s property is subject to upon their death. Exceptions include (1) transfer of ownership via a Beneficiary Deed, (2) transfer of ownership via a Trust, and (3) transfer on death designations on financial accounts.
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