Important Need To Know Beneficiary Deed Information

Knowing what is included in a beneficiary deed and when it takes effect is important. Here are some things you will want to know when considering having a beneficiary deed created.

1. Real property transferred by a beneficiary deed avoids the cost and delay of having to go through probate because the property is not part of the probate estate of the deceased owner.

2. Not going through probate can save someone thousands of dollars or more in legal fees.

3. Transferring property by a beneficiary deed is a lot cheaper when it comes to avoiding probate than a living trust.

4. A beneficiary deed is not valid until it is signed and recorded by the county recorder in the county in which the property is located and before the death of the owner or last surviving owner.

5. Once a beneficiary deed is signed and recorded, the owners of the property can still do what they want with the property without any restrictions or limitations from the beneficiary because the property is still theirs until after their death.

6. The owner of a beneficiary deed can change the deed at any time. They can revoke the deed at any time by an appropriate revocation with the county recorder of the county where the property is located. This means that the owner of the deed can add or change who they want their beneficiary or beneficiaries to be.

7. A transfer-on-death deed also known as a beneficiary deed, is like a regular deed for transferring estate, however this deed does not take effect until your death.

8. Just like a beneficiary deed the transfer-on-death deed needs to be recorded with the county recorders office before your death. You are able to change or revoke the transfer-on-death deed at any time during your life.

9. With a beneficiary deed the owner can transfer the property to several beneficiaries, who later on can assume a joint tenant tittle with a right of survivorship.

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