I’ll start with a blanket statement: everybody who owns real estate in either Kansas or Missouri should have a beneficiary deed on file for that real estate, assuming it is not already placed in a trust. But, time and again, I see folks who pass away without having filed that simple, cheap and easy form with the county. A simple beneficiary deed can mean the difference between a quick and easy transition of your property to your heirs versus a long, drawn-out, expensive probate procedure.
A beneficiary deed is also known as a “transfer on death” deed. It allows your real estate to transfer automatically upon your death to whoever you name in that deed. You still own the property when you file a beneficiary deed on your real estate. You retain full control over it. You can mortgage the property, you can sell the property, you can do whatever you want with it – the beneficiary does not restrict your ownership of the property at all. If you get angry with the person you’ve named in the beneficiary deed to get your property, no problem – you can revoke that deed at any time you’d like. You can change the […]