A beneficiary deed is primarily for the automatic transfer of property upon the death of the owner or last surviving owner.
Once a beneficiary deed is executed and recorded with the recorder of deeds, it is effective immediately, allowing the person to take ownership even if there is probate for other items.
Upon death, no further action is required by any party.
A grantor can revoke the deed at any point, either by filing for a revocation of the deed or by drafting a new beneficiary deed in place of the former one that includes language revoking all prior deeds.
If you would like to find out more about creating a beneficiary deed, Kathryn Synor is your Missouri estate planning attorney and will be happy to explain the benefits of a beneficiary deed and help you decide if it is right for your situation. Contact our office today.