Overview for Beneficiary Deed
A "Beneficiary Deed" a.k.a. "Transfer on Death Deed" is a document that is filed to name the person who will inherit the real estate upon a property owner's death. A beneficiary deed allows the property owner to transfer real estate to his/her heirs without going through the probate process. The beneficiary deed is a simple and inexpensive way to plan an estate.
Probate is a special court that supervises and determines how a deceased person's estate is to be distributed. Probate can become a lengthy and complex court procedure that typically requires an attorney. Since probate usually comes with expensive attorney fees and long waiting periods, it could be wise to avoid probating an estate.
There are a few ways to avoid probate for real estate. Below is a list of the most common methods:
- Holding title as Joint Tenants (Most Common; no flexibility; low cost)
- Create a Living Trust (Common; very flexible; higher cost)
- Holding title as Community Property w/ right of survivorship (Common; no flexibility; low cost) This method of holding title is only available for married couples in a few states.
- Beneficiary Deed (Common; some flexibility; low cost) Beneficiary Deeds are only available in a few states.
My Legal Depot makes it easy to prepare and file a Beneficiary Deed. First, we will research the property title and prepare your Beneficiary Deed including any required supplementary forms. After the property owners sign and notarize their signatures. we will file the documents with the County Recorder.
Preparing a Beneficiary Deed can be time consuming and expensive. My Legal Depot's staff has experience in preparing and filing thousands of legal documents. Let us prepare and file your legal documents promptly and accurately at a fraction of the cost of an attorney. Click Here for more information about Beneficiary Deeds.