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Ownership Transfer A beneficiary deed allows property to transfer directly to the designated beneficiary upon the owners death. The property owner retains full control during their lifetime, so they can sell, lease, or manage the property without any restrictions.
What are the disadvantages of a beneficiary deed?
Unless you have a complex situation or have specific concerns, you likely wont need a lawyer to create a TOD deed. But you will need to make sure that the TOD deed you make is valid in your state, since each states rules are a little different.
Do you need a lawyer to do a beneficiary deed?
And while the process may vary slightly from state to state, there are some general, basic steps to follow. Get Your State-Specific Deed Form. Look up the requirements for the state the property is in. Decide on Your Beneficiary. Include a Description of the Property. Sign the New Deed. Record the Deed.
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