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Beneficiary's Deed Explanation

Article submitted by Michael Bailey, of Michael Bailey Law Office, located in Broomfield, Colorado. They can be reached at 720-394-6887.

Denver, Colorado: Estate Planning conjures up images of gentleman on horses, polo games, large lush lawns, pretentiousness, and mansions. However, estate planning is not just for the super wealthy, but rather for anyone who wants to minimize hassle when one passes away. Estate planning is not “one size fits all,” but is rather a set of options that can be relatively inexpensive if there are not complicated documents or issues involved.

Among the simplest estate planning options in Colorado is document called a “Beneficiary’s Deed.” A Beneficiary’s Deed is a way to transfer a house or other real property to your children or other named beneficiaries/heirs upon your demise without needing to go through probate. If a house or other real property is in your estate, probate will be necessary without planning. There are some concerns and drawbacks to a Beneficiary’s Deed, especially as the document can impact Medicaid Eligibility, but the Beneficiary’s Deed can be undone if necessary. By understanding the possible issues and how the rewards probably outweigh the risks, a Beneficiary’s Deed can be a good tool in a simple estate plan. Creating and using a Beneficiary’s Deed can bypass probate, saving time and effort by those who survive you.

A Beneficiary’s Deed is useful on its own, but is extremely useful if used in conjunction with transfer on death designations for investment, retirement, and bank or other accounts. By properly planning, a Beneficiary’s Deed allows quick and easy transfer of real property ownership. This can minimize family conflicts, and allow you to deal with the death of a loved one without the strict timeframe of probate looming over what is a trying time. Using a Beneficiaries Deed can allow your wishes to be carried out with the least amount of time, hassle, and money impact to your survivors.

© 2013, All Rights Reserved by Michael Bailey, Michael Bailey Law Office.

Posted October 2013 on