Beneficiary deed
Good morning Miss Savage, listen to you for a long time back in Chicago. You’re my financial guru.. I’ve come across a question that I cannot find an answer to hopefully, you can shed some light.
“ is there a downside to a beneficiary deed?”.
I am now widowed and have funneled my assets down into one house, couple of retirement accounts, I have no debt. I cannot figure out why a trust would make sense for me if I can just hand my home down through a beneficiary deed.? Just to provide a little more info I do have a will and all my beneficiaries are named as well as POD’s on bank account, etc. . Really hoping you have an opinion on this as I’m not finding much online or any real people who have actually done this. Thank you in advance!
Terry Says
A beneficiary deed is similar to TOD or “Transfer on Death.” Each state has its own name for this process. The primary benefit is that unlike leaving property to an heir via your will, this transfer on death will not go through probate.
I’mp resuming you’ve named beneficiaries for each of your IRAs. Those too will escape probate. Sounds like you’re pretty well organized.
Just make sure you have also named a healthcare power of attorney, and a financial power of attorney in case you cannot act on your own — before your death.
