What is a Beneficiary Deed and When Should I Use It?

A beneficiary deed transfers real estate to a named beneficiary upon the death of the property owner.  In other words, when a property owner dies, their real estate can go to a desired family member (or someone else) without going through probate.  A beneficiary deed can be a particularly desirable tool because it is relatively inexpensive to put in place, it feels “simple” and it does not need to be connected to a Will or Trust. While every situation varies, preparing and recording a beneficiary deed often makes the most sense when real estate is the main asset owned or when there is only one intended beneficiary. Of course, there are instances where a beneficiary deed is not advisable. Often, this might be in a situation with numerous intended beneficiaries or where the property owner ultimately desires the property to simply be sold.