How Do I Create a Beneficiary Deed in Arkansas to my two adult children?
Full Question:
Answer:
A beneficiary deed is a special type of deed that doesn't transfer a present interest in property. The interest in real property conveyed by a beneficiary deed does not take effect until the death of the owner, at which time that interest transfers automatically by law to the designated grantee(s) named in the beneficiary deed. A beneficiary deed takes the property out of the probate process as ownership is transferred upon death and no longer part of the decedent's estate that might go through probate or pass under a will. It is sometimes used as an estate planning tool, rather than, for example, a trust. It is considered a separate type of deed from a deed creating a life estate. When a deed is used to create a life estate, it is transferring a present interest and the life estate may be sold or otherwise transferred.
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