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(Miller or Little Miller Act) - Notice of Intent to Lien
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Real Estate Title Transfers
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Beneficiary Deed
(a.k.a. Transfer on Death Deed) - Revocation of Beneficiary Deed
- Rescission Deed
Business Filings
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(DBA / FBN filings) - Corporation (Inc.)
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Misc. Services
Beneficiary Deed
More Information about Beneficiary Deed
1. What is a Beneficiary Deed?2. What is Probate?
3. Why create a Beneficiary Deed? Why create a Beneficiary Deed?
A beneficiary deed is a valuable tool for estate planning because it allows a property owner to name his/her beneficiaries and to retain full control over the property until death. A beneficiary deed is also exempt from the probate process, which can save the beneficiaries both time and money.
There are several ways to avoid probate, each with its advantages and disadvantages. Below is a chart that briefly outlines the advantages and disadvantages of the common ways to avoid probate.
Methods |
Availability |
Advantages |
Disadvantages |
JOINT TENANCY | MOST STATES |
(1) Avoids the Probate System; (2) Low Cost; (3) Simple paperwork. | (1) Property must be owned in equal shares; (2) Limited control; (3) No versatility. |
LIVING TRUST | EVERYWHERE | (1) Avoids the Probate System; (2) Full control of property until death; (3) Allows unequal shares to be distributed; (4) Can be cancelled anytime prior to death; (5) Complete versatility; (6) Avoids some estate taxes for large estates; (7) Documents are private. | (1) Higher Cost; (2) More paperwork in order to fund and administer the trust estate properly. |
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP (MARRIED COUPLES) | California, Nevada, Arizona, Texas and Wisconsin | (1) Avoids the Probate System; (2) Low Cost; (3) Simple paperwork; (4) Provides double stepped up tax basis once a spouse passes away. | (1) Property must be owned in equal shares; (2) No versatility; (3) Property can only be transferred to the surviving spouse upon death. |
BENEFICIARY DEED A.K.A. TRANSFER ON DEATH DEED | Arizona, Arkansas, Colorado, Kansas, Missouri, Minnesota, Montana, Nevada, New Mexico, Ohio, Oklahoma, and Wisconsin | (1) Avoids the Probate System; (2) Low Cost; (3) Full control of property until death; (4) Allows unequal shares to be distributed; (5) Can be cancelled anytime prior to death. | (1) The beneficiary deed is a public record. This allows anyone to identify the beneficiaries' names; (2) Limited versatility. |