What is a Beneficiary Deed?
A Beneficiary Deed is a particular type of deed that allows you to give real property to another individual, upon your death.
Why should you consider a Beneficiary Deed?
1. Property transferred by Beneficiary Deed avoids Probate.
2. You can have a single beneficiary or multiple beneficiaries.
3. The title does not transfer upon the creation of your Beneficiary Deed. Instead, the transfer of title would only occur upon your passing.
4. You can revoke or amend your Beneficiary Deed anytime 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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