What is a Beneficiary Deed?
A beneficiary deed is commonly associated with real estate and property because it is a document used to determine who will receive real estate property when the original owner dies. Those who receive the property as the result of the beneficiary deed are referred to as beneficiaries. A beneficiary deed is an important document because it allows for a smooth flow between past and present owners, without a long waiting period for probate. A beneficiary deed is completed before the original owner passes away. Although the beneficiary deed is re-titled in the beneficiary’s name at this time, the original owner still has rights to the property. He or she is still legally allowed to live on the property and can refinance it. The original owner can also rent out rooms for living space or office space. Essentially, the original owner can do whatever he or she pleases with the property until the time of his or her death, without the permission of the beneficiary. The legal aspects of beneficia
Created by the Missouri General Assembly, a beneficiary deed is a deed that is signed and recorded during the life of the owner of the real property that does not become effective until the death of the owner of the property. If there is more than one owner, then the transfer is effective upon the death of the last of the owners to die. A beneficiary deed is revocable until the death of the last owner.
