When a client indicates that their largest asset is their residence and it’s free and clear of any debt, a beneficiary deed may be a great way to accomplish their estate plan, namely avoiding probate. A beneficiary deed is a deed that transfers title to the grantee beneficiary upon the death of the grantor or grantors, as the case may be. Such transfer would not be subject to probate.
However, a number of issues must be addressed before deciding that a beneficiary deed is the right estate planning tool, such as will there be enough assets to pay your final medical and funeral expenses and any other debts you may owe at the time of your death. If you are looking to simplify your estate plan you may want to consider a beneficiary deed.
Laura M. Trujillo
Disclaimer: This blog is for information purposes only. Legal advice is provided only through a formal, written attorney/client agreement.