Beneficiary Deed
I am having problems creating a beneficiary deed for a friend I do have the legal requirement out of a law book from the law library, i am a paralegal I am just confused as to how to do it as my friend is the executor of an estate which both parents died, the parents name is still on the deed to the property that is located in MO and is where my friend lives as well please advise
YJZISME, WELCOME TO THE FORUM....
If I am understanding your friends problem correctly, both of his parents were in title at the time of their deaths? Did they both die at the same time? Your friend is currently the Executor of both of their estates? Was the Beneficiary Deed recorded before their deaths? Kind of sounds like the property is Probate.
Please provide more details. Thanks.
Kazor
Beneficiary Deed-This is in reply to the person whom answered my question concerning the beneficiary, my friend is the executor of her mother's estate, the dad passed away 10 yrs prior so their is only one estate she is the executor of and no a beneficiary deed was not made before the passing of the parent please advise and thank you
I will answer your question according to the laws of Arizona. This is a new law and I haven't work with it much yet, but this is how it work:
While the parents are a live, you would file the Beneficiay deed making your friend the beneficiary of the property. Say one of the parents dies, their interest would go automatically transfer to the other spouse after the death certificate (dc) has been recorded. When the remaining parent passes on the property would transfer to the beneficiary, your friend, after the dc is recorded.
In Arizona, your friends situation would look like this:
If the parents held title as husband and wife either as joint tenants (jt) or community property (cp), one of the parents dies and the interest transfer to the remaining parent after recording the dc. (Hopefully your friends parents held title as jt or cp, otherwise if they held title as tenants in common otherwise they will have to probate the father's estate.) After the mother passes on there will have to be a probate of her estate. If your friend is the only heir then the property will go to her anyway. You always have to be careful to be sure the parents are "in their right mind" when actually filing a Beneficiary Deed. If they could be determined to be incompetant there will be lots of problems including possibly rendering the deed invalid. Of course that applies to any transaction.
I hope this answers your question. Let me know if Beneficiary Deed means something different in your state. Good luck.
Kazor