Beneficiary Deeds in Missouri
A Beneficiary Deed is an easy and convenient estate planning tool that is used to avoid Probate following the death of the property owner. When utilized correctly, it is a cost effective and beneficial way to transfer property to a specific beneficiary outside of probate or a trust.
Missouri is one of the few states where a Beneficiary Deed can be executed and it must be recorded prior to the property owner’s death to have effect.
For many people, their home is and will be the largest asset they own. Passing property along to beneficiaries without expense or delay is a common goal. A Beneficiary Deed transfers ownership once the last owner dies.
A Beneficiary Deed can be created by a beneficiary deed attorney O’Fallon very easily and they are usually inexpensive.
Beneficiaries can be anyone you chose, are not limited to relatives, and property can be transferred to one or multiple grantees. During the owner’s lifetime, they retain full power and control over the property until the time of death. The beneficiary can not challenge or affect the owner’s use of the property or the owner’s decision to sell the property. Beneficiary Deed revisions can be made easily through revocation or subsequent filing.
The probate process takes at least 6 months and can cost much more than executing a Beneficiary Deed. Probate is also a complicated and frustrating process. The Beneficiary Deed can help you avoid probate, at least with respect to your home.
Beneficiary Deeds are not a bankruptcy tool and do not allow your heirs to receive the property free and clear of mortgages and liens. Instead, grantees take ownership of the property subject to all loans and liens and must satisfy all obligations the owner incurred while they owned the property.
A Beneficiary Deed may reduce future tax burdens and execution of a Beneficiary Deed has no tax consequences.
Your home is probably one of the biggest and most expensive purchases you will ever make, so it’s important that you ensure it will be handed down as you intended upon your death. With a Beneficiary Deed, the recipient will simply have to show a copy of the owner’s death certificate when the time comes to take possession of the home.
There are few risks and a Beneficiary Deed must be drafted properly so seeking professional advice is recommended.
Legacy Law Center drafts Beneficiary Deeds for clients all across the St. Louis area. Call us today for a consultation. (636) 486-2669