Transfer of deed forms in Missouri, also referred to as Beneficiary Deed forms or Transfer on Death Deeds (TODDs), are estate planning tools. Because of the benefits they offer, Missourians take advantage of these and similar tools.
By naming a beneficiary of an asset, you can avoid the lengthy and expensive probate process. The TODD is specifically for assets that have a title, or ownership, deed, such as automobiles, boats and real estate.
Maintaining control of assets while living is one of the biggest concerns as individuals and couples consider estate planning strategies. Using a TODD allows for retention of ownership and control, and does not impact the property until the passing of the current owner, or grantor. This means that even with a TODD in place, the grantor can still sell the Missouri property for any reason, just as the grantor could without a TODD. The result would be the TODD simply becomes null and void.
Amending your will to coincide with the wishes indicated by completing and recording a Missouri TODD is a sound idea, in large part because it may eliminate confusion and uncertainty for heirs. However, it is not strictly necessary, because the TODD takes precedence over a will.
By naming beneficiaries on checking, savings and investment accounts -- referred to as Payable on Death designations -- you will also avoid probate time and expense. The Beneficiary Deed of Gift operates in much the same way as a TODD in Missouri, but is used for personal objects such as jewelry and household items. Finally, you can also transfer rights to a contract, for example, an owner financed property in Missouri, probate free via a Beneficiary Assignment of Contract Rights document. As with all deeds in Missouri, in addition to being fully completed properly and notarized, you must file them with the county recorder's office.
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