Missouri provides one of the most comprehensive sets of non-probate transfer laws in the United States. A non-probate transfer is just that, a transfer that avoids probate. These are very common in Missouri, including both Transfer on Death (TOD) and Payable on Death (POD) designations. These can be found on vehicle titles, bank accounts, life insurance policies, retirement accounts, IRAs, and other written instruments.
It is very imporant to understand how non-probate transfers work as well as the benefits and limitations. When done correctly, and in the right circumstances, non-probate transfers can transfer large sums of wealth very easily. However, there are limitations and unintended consequences that need to be understand to complete your estate plan and achieve your goals. At Steven Patterson, Attorney at Law, we can help you understand these powerful tools and leverage them for your estate plan.
A Beneficiary Deed is a type of non-probate transfer. It is a type of real property deed used to transfer property from one person to another upon the death of the owner. By signing and recording a Beneficiary Deed, an owner of an interest in real property may cause the owner's interest in the real property to be conveyed to people or entities upon the owner's death. This deed takes the property out of the probate process and the ownership is transferred upon death. When done correctly, it separates the property from the descendant’s estate, avoiding the probate process.
Understanding the complexities of a Beneficiary Deed, including how it relates to gift taxes, for example, you need a professional team guiding you down the right path. We can safely advise you, ensuring conveyance is achieved legally, as well as according to the wishes of the estate.