Under the default rules of the Missouri statute, a beneficiary does not inherit under a beneficiary deed unless he or she survives the owner by at least hours. These default rules can be changed by language on the deed.
Our online deed preparation service provides options to customize the way that deceased beneficiaries are treated. Although the authorizing statute does not require a specific name, the statute uses the term beneficiary deed to refer to a deed that transfers property at death, making Missouri one of a handful of states—including Arizona , Arkansas, and Colorado—that use this term to refer to this type of deed. Because the Uniform Real Property Transfer on Death Act also uses the term transfer-on-death deed , it is more common than the term beneficiary deed. Although a beneficiary deed serves many of the same purposes as a lady bird deed , the two documents have different legal origins and work in different ways.
Lady bird deeds are not used in Missouri. A Missouri beneficiary deed form is usually the best option for a deed that transfers Missouri real estate at death.
Transfer on Death Deed vs. Quit Claim Deed | What's the Difference? - ThinkGlink
A Missouri beneficiary deed form has several important benefits that make it a popular estate planning tool for avoiding Missouri probate. These benefits include:. Unlike some states, Missouri does not have a statutorily approved TOD deed form. A Missouri beneficiary deed form must generally meet all of the requirements that apply to other types Missouri deeds, including a valid legal description , page format requirements, and legally sufficient notary acknowledgments.
The Nonprobate Transfers Law of Missouri also includes two requirements that apply specifically to beneficiary deeds:.
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Unlike some other types of deeds, a Missouri beneficiary deed need not include a statement of consideration and need not be delivered to the beneficiary. The deed is valid when signed, notarized, and recorded as required by law. It is not uncommon for multiple owners—most often married couples—to own Missouri real estate.
The Transfer on Death Instrument Comes to Illinois
If two or more joint owners hold title jointly with right of survivorship and make a beneficiary deed, the deed does not become effective until the death of the second owner. On the death of the first owner, the property passes to the surviving owner. On the death of the surviving owner, the property passes to the designated beneficiaries. A beneficiary deed may also transfer property to multiple beneficiaries. If the deed names multiple beneficiaries that survive the owner, the beneficiaries will take title without a right of survivorship.
On the death of one beneficiary, his or her interest will pass to his or her probate estate instead of passing to the surviving beneficiary or beneficiaries. The Missouri statute allows the deed to change this result by creating a right of survivorship in the beneficiaries. Missouri beneficiary deeds are authorized by statute and must meet the requirements of the authorizing statute to be valid.
These requirements include special language to ensure that the deed is properly characterized as a beneficiary deed that takes effect at death and not an outright transfer of the property. The deed must also meet most requirements that apply to other Missouri deed forms. It does not transfer assets outside of the court-mandated probate process. A trust is a contract between the grantor and beneficiaries.
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A trust executes property distribution outside of the probate process. Avoiding probate saves time and costs associated with the court process. In , California enacted a new law allowing real estate to pass to heirs without probate. The grantor must execute a revocable transfer on death TOD deed prior to death. As with any other type of deed, quitclaim or grant, the TOD relinquishes rights to property.
However, the quitclaim or grant deed transfers property immediately upon execution. The TOD executes after death. As such, it is revocable by the property owner at any time while alive. You don't need a will, trust or TOD if the property title states "joint with rights of survivorship. Record the change, pay applicable fees and wait to get the title deed.
Probate is required when the deceased doesn't have a trust or TOD. A will is subject to probate. Dying without a will is called dying intestate and is also subject to probate proceedings. If someone dies intestate, the courts distribute the assets among known heirs. Obtain an original death certificate with the raised seal from the coroner's office or vital records office. Then file executor paperwork with the probate court. Don't wait for all bills and debts to arrive in the mail. File paperwork and continue to collect documents of assets and debts, submitting them to the court.
The court oversees debt payoffs and asset distribution.