Advantages of Beneficiary Deeds
Most clients choose beneficiary deeds for one primary reason: probate avoidance. But beneficiary deeds offer several other practical and emotional benefits.
First, cost savings can be significant. Recording a beneficiary deed costs very little whereas probate may cost thousands. Second, the process is faster. Once the death certificate is issued, the beneficiary records the affidavit of death and has marketable title in a matter of weeks, often within days. Third, privacy is enhanced because no probate petition, inventory, or final report is filed publicly. Fourth, the owner retains control. Unlike adding a child as a joint tenant, a beneficiary deed does not expose the property to that child’s creditors, divorces, or poor spending decisions during the owner’s life.
Coming soon… Part 5: Limitations and Risks of Beneficiary Deeds
This article is intended for educational purposes and does not constitute legal advice. For advice specific to your situation, please consult a qualified attorney.
