Your house is likely the most expensive purchase you will ever make. Your home and loved ones need to be protected upon your passing. A beneficiary deed does just that. With a beneficiary deed, you can designate who you want to have your house once you pass. It is considered a non-probate transfer and does not require any administration by the court. This is very important for 2 reasons.
Your estate will be smaller. In Missouri, your probate expenses are tied to the value of your estate. If the portion of your estate that needs to be administered in probate court is less than $40,000.00 in value, it will most likely be significantly cheaper and quicker for your loved ones.
Your house will go to your loved ones immediately. It will not require months of probate administration or an order from the probate court to move into or sell the property. If you leave your house to a loved one who already owns a home or doesn’t desire to live in yours, this allows him or her to sell the property as quickly as possible, minimizing associated costs.
I advise all of my clients to either title their home in a trust or have a beneficiary deed made for them. Please take the time to contact my office and see what I can do for you.