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Reply from Staff: Awesome, great to hear. IMPORTANT TERMS as defined in 461.005 Im not clear what you mean by if the seller is found unable in the old age. Discounted Commission Seller/Buyer Representation, FSBO Discounted MLS/Buyer Representation Fees, HIGHER RATE OF HISTORICAL RETURN REAL ESTATE VS. STOCK MARKET, INVESTMENT FIRMS MAKING IT DIFFICULT FOR FIRST-TIME HOME BUYERS, OPEN DOOR TO PAY $62,000,000.00 FOR DECEPTIVE TRADE PRACTICES, EVERYTHING YOU NEED TO KNOW ABOUT REAL ESTATE CONTRACTS, LAND TRUSTS THE ULTIMATE ASSET PROTECTION, 3 DIFFERENT TYPES OF COMMERCIAL REAL ESTATE LEASES, WHAT IS A NOVATION AGREEMENT? Under the Nonprobate Transfers Law of Missouri, grantee beneficiaries who survive the deceased owner by at least 120 hours gain ownership of property designated as transfer on death by function of law, upon the death of the owner (461.042). 461.025. Section 461.062, however, offers some guidance. 2 0 obj Most reputable law firms charge less than $300 for such a deed and the cost to record the deed is normally $30 or less thereafter. (913) 353-4220 My only complaint is that the forms had an alignment problem where the fields that were filled in by me did not line up with the template text. The Nonprobate Transfers Law of Missouri, Sections 461.003 to 461.081 RSMo (2012) has been in effect since 1989. Property's legal description. James B. said: Reliable and fast. When presenting the affidavit and supporting documents for recording, be sure that they will update the tax records as well. The choice of a lawyer is an important decision and should not be based soley on the basis of advertisements. On our Site we make available for use self-help "fill in the blank" forms. First, it is always a good idea to record changes to the named owner of real estate, providing notice to the public that the former beneficiary now holds title to the land and keeping the ownership history up to date. endobj A transferring entity is a person who owes a debt or is obligated to pay money or benefits, render contract performance, deliver or convey property, or change the record of ownership of property on the books, records and accounts of an enterprise or on a certificate or document of title that evidences property rights, and includes any governmental agency, business entity or transfer agent that issues certificates of ownership or title to property and a person acting as a custodial agent for an owners property. 7 0 obj k^DXr5]( _$*E%5gu0 There are a lot of benefits to having a Missouri beneficiary deed drawn up for your home. WHAT NAME SHOULD I GIVE MY MISSOURI LIVING TRUST. endobj Weve written and posted several times about the inherent dangers in relying on Beneficiary Deeds (also known as Transfer on Death Deeds) to transfer title in Missouri. Im going to look like a hero. 12 0 obj c'i6XmMbm1{Zn|mb3):;=]RD)&=PD"N8f) OOz?4<=c]) D_n{W?.\&MVHF<,m`s-( 6a,@`3{er`8G1/v(+S/051*f.P8fCq CAtGODO8[y2AVM#WAd,i^Ii.FAUTT*lql+ute/*Tbm(*.+q6m?J[Oj8RH-Dv]86hhi#a F2%>]e:,%)wQu}@K6FZpC+75r*Y^7ba1h.%8V5; lpBhIGy :*jM&!8MFnzVp;)\Q,Sd{\>"b0s "2KVs2ERO I requested help, asking if I need to pay for each document but have not yet been answered. While the law is specific on requirements for the beneficiary deed, it is less clear on the process for accepting the real property rights conveyed. I thought being a member i would be able to look up more than 1 document but it keeps asking me for more money. While the law is specific on requirements for the beneficiary deed, it is less clear on the process for accepting the real property rights conveyed. endobj There are tax benefits to beneficiary deeds, too. There is no statutory form or action required to effect the change, but 461.062 provides some guidance for written requests to formalize these transfers. The beneficiary automatically becomes the owner of the property when the current owner dies. One of the biggest is that the deed enables your heirs to avoid probate. Join Clevers network. We offer this because we're confident you're going to love working with a Clever Partner Agent. Theres no need to hire a lawyer or open a probate proceeding if you have a TOD deed in place. I purchased two templates and both had the same issue. First, it is always a good idea to record changes to the named owner of real estate, providing notice to the public that the former beneficiary now holds title to the land and keeping the ownership history up to date. The deed establishes the person who will inherit a property when the owner dies. I would like to have known or received some information as to charges for filing these documents. In short, by setting aside some time in the days following the death of the owner (preferably within the first six months) to complete and record a Missouri affidavit as to the death of grantor, the beneficiary protects his/her interest in the newly-acquired real estate, while limiting the likelihood of future problems with taxes or title. Had Grandma used a Trust based plan this could be avoided. It should be completed by someone with the first-hand knowledge of another person's death, declaring that they have died. NO WARRANTY. 16 0 obj Under the Nonprobate Transfers Law of Missouri, grantee beneficiaries who survive the deceased owner by at least 120 hours gain ownership of property designated as "transfer on death" by function of law, upon the death of the owner (461.042). This ownership history is called the chain of title. endobj MISSOURI STATUTE ON PSYCHOLOGICALLY IMPACTED PROPERTY, 10 WAYS BUYERS LOOSE EARNEST MONEY DEPOSIT, OUR LAWFIRM OFFERS ONLINE VIRTUAL MEETINGS. If not, send a copy of the death certificate and the recorded beneficiary deed to the county assessor, too. Margaret C. said: I recieved my document in a reasonable amount of time. <> Missouri Beneficiary Deed c/o Michael J. Denk P.O. %PDF-1.5 <> Lo and behold Georges grandmother died leaving her house to George and his two sisters via a Beneficiary Deed. Then, by recording an affidavit asserting the new claim on the title, the beneficiary lets the local assessor or taxing agency know that, as the record owner of the unique parcel of land, he/she is now responsible for the property taxes. While the law is specific on requirements for the beneficiary deed, it is less clear on the process for accepting the real property rights conveyed. <> I appreciate the fact I got 1 document I needed quickly. Missouri Affidavit as to Death of Grantor Information The Nonprobate Transfers Law of Missouri, Sections 461.003 to 461.081 RSMo (2012) has been in effect since 1989. There are two primary reasons to formalize this transfer of ownership, even though it is supposed to happen automatically. Get Directions, 524 Walnut St, Ste. A beneficiary can be an individual or an organization such as a charity. The Nonprobate Transfers Law of Missouri, Sections 461.003 to 461.081 RSMo (2012) has been in effect since 1989. If you sell, you dont need the beneficiarys approval, as they have no legal right to the property while youre still living. If you sold the property with the deed in place, it would still qualify for the federal home sale exclusion. Having trouble viewing a form? Let us know if you want to know more about the dangers of using Beneficiary Deeds in Missouri. %PDF-1.5 If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. When presenting the affidavit and supporting documents for recording, be sure that they will update the tax records as well. THE ROLE OF AFFIDAVIT OF DEATH RECORDINGS IN MISSOURI. Estate Planning Lawyer Creve Coeur, MO xXn6} 7MAE!r" m3dbJnLG\V&{|M/:{,YU4%Y,.92En7'0D2IEBbNO^NOy_'@G1,qf+keBX|"dq}^tAX/IVP2l7bQT$dHUPyVHqO^H A clear chain of title (with no gaps or interruptions) makes property easier to sell by reducing the chances of unexpected claims from others trying to assert their ownership rights. The owner is a person or persons having a right, exercisable alone or with others, regardless of the terminology used to refer to the owner in any written beneficiary designation, to designate the beneficiary of a nonprobate transfer, and includes joint owners. I appreciated the sample deed that was provided. While the law is specific on requirements for the beneficiary deed, it is less clear on the process for accepting the real property rights conveyed. Box 6464 Chesterfield, Missouri 63006 Make sure you include a personal check made payable to "Michael J. Denk" in the amount of $145 and include a copy of the original General Warranty Deed or Quit Claim Deed and a copy of the deceased Owner's death certificate. Those in the bloodline have no rights to challenge, nor does anyone else. Thank you. A beneficiary can be one or more individuals or organizations, such as a trust or charity. TP%(}zk]V We also serve clients in Lincoln County, Franklin County, Jefferson County and Warren County. ( Overland Park, Olathe ) When presenting the affidavit and supporting documents for recording, be sure that they will update the tax records as well. In Missouri, even if a spouses name is not literally on the deed, the spouse acquires a Marital Interest in the property, and must be dealt with. ( Independence, Lee's Summit, Blue Springs ), KC Kansas City Real Estate Law Firm, KS Firms, Lawyer, Lawyers, Legal Advice, FSBO, Contracts, Deeds, Promissary Notes, Brokerage Services, and Flat Fee Legal Protection. Probate Lawyer Creve Coeur, MO Currently you have JavaScript disabled. This article will discuss the two types of Affidavits of Death, their purpose, when they must be filed and what must be contained within them. Affidavit as to Death of Grantor State Missouri Area Saint Louis County Price $27.97 Delivery Immediate Download Payment Information Included Forms All Saint Louis County specific forms and documents listed below are included in your immediate download package: Affidavit as to Death of Grantor Form - Saint Louis County If not, send a copy of the death certificate and the recorded beneficiary deed to the county assessor, too. What is a Side Letter Agreement in Real Estate? Estate Planning Lawyer Chesterfield MO WHAT IS AN ATTORNEY REVIEW PERIOD IN A REAL ESTATE CONTRACT? <> NOVATION VS ASSIGNMENT, TYPICAL STEPS IN AN FSBO HOME SALE TRANSACTION. The Missouri beneficiary deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. Land owners must remain current on property taxes or risk penalties such as fines, liens, and possibly losing the real estate in a tax sale, so it is essential that the tax statements arrive at the correct location. By following this procedure, the survivor helps to maintain a clear chain of title (ownership history), which will simplify future transactions relating to the property. The purpose of an affidavit of survivorship is to clear up the land and tax records by letting third parties including title companies, lenders, and the property tax officials know that an owner has passed away and that you now own the property without that owner. Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY. WHAT DOES IT MEAN TO BUY A PROPERTY WITH SELLER FINANCING? Or, be directed to a place that lists charges. George has failed to pay the required child support for their children. endobj It can also be called a transfer-on-death or TOD form. aUE1NXYhV9S~S N+z|"S;-23?[ They work with you and guide you on every aspect. When a property is owned by two or more owners and one of the owners dies, an Affidavit of Death of Joint Tenant must be recorded in the Recorders Office where the property sits. When a property is only owned by an individual and they pass away, an Affidavit of Death must be recorded. Beneficiary Deeds in Missouri are great tools when used appropriately, but are not always the best way to go. A grantee beneficiary, also called simply a beneficiary is a person or persons designated or entitled to receive property pursuant to a nonprobate transfer on surviving one or more persons. * By Appointment Only *, Legacy Law Center assists clients with Estate Planning, Elder Law, Estate Litigation and Probate Administration in St. Charles County and St. Louis County, including the cities of, OFallon Wentzville Weldon Springs St. Peters Troy Warrenton St. Charles Lake St. Louis Defiance New Melle Chesterfield Ballwin Wildwood Eureka Richmond Heights Maryland Heights Florissant Creve Coueur Hazelwood St. Ann Brentwood Webster Groves Kirkwood Clayton Ladue Frontenac Sunset Hills Des Peres. xko8{~fDz Below is a step-by-step guide to forming a Missouri transfer-on-death deed. Additional motor vehicle form information. If you use a form on our Site, you explicitly agree to our Terms of Use. Protecting your assets and preserving them for your heirs is a wonderful way to bless them after youre gone. This is a necessary step after the death of one joint tenant owner to notify the world that they have passed away and to clarify who are the remaining owner or owners. |Wuwm1DCm@nqj//Kh%l4O=D+C'In@8R [5R. In short, by setting aside some time in the days following the death of the owner (preferably within the first six months) to complete and record a Missouri affidavit as to the death of grantor, the beneficiary protects his/her interest in the newly-acquired real estate, while limiting the likelihood of future problems with taxes or title. The Nonprobate Transfers Law of Missouri, Sections 461.003 to 461.081 RSMo (2012) has been in effect since 1989. This isnt always the case if the property is in a trust. Theyre often used to help children inherit upon your death. A grantee beneficiary, also called simply a beneficiary is a person or persons designated or entitled to receive property pursuant to a nonprobate transfer on surviving one or more persons. OLGA R. said: Excellent Service for E-Recording. Your heirs dont have to file anything at the courthouse and can avoid the hassle and expense of probate. 17 0 obj <> <> Then, by recording an affidavit asserting the new claim on the title, the beneficiary lets the local assessor or taxing agency know that, as the record owner of the unique parcel of land, he/she is now responsible for the property taxes. This time Im representing a young mother, lets call her Diane. A grantee beneficiary, also called simply a beneficiary is a person or persons designated or entitled to receive property pursuant to a nonprobate transfer on surviving one or more persons. endobj Nothing on this website should be considered a substitute for the advice of an attorney. OFallon, MO 63368 A top Missouri real estate agent can offer insight and advice on drafting a deed and if it would be beneficial in your current situation, but here are a few things to know. In short, by setting aside some time in the days following the death of the owner (preferably within the first six months) to complete and record a Missouri affidavit as to the death of grantor, the beneficiary protects his/her interest in the newly-acquired real estate, while limiting the likelihood of future problems with taxes or title. When there is a beneficiary deed St. Charles recorded in advance, the Affidavit of Death will state this and therefore this type of affidavit, once recorded, has the effect of perfecting title in the grantee under the previously recorded beneficiary deed. Use of any Do It Yourself Legal Form from our website is done so AT YOUR OWN RISK. Kansas City Real Estate Lawyer Call Mark Roy @ 816-545-9708 Now! Resources Probate Lawyer Lake St. Louis MO, THE ROLE OF AFFIDAVIT OF DEATH RECORDINGS IN MISSOURI, DEALING WITH DEBT AND CREDITORS IN PROBATE, A DURABLE FINANCIAL POWER OF ATTORNEY: ONE ESTATE PLAN DOCUMENT YOU MUST HAVE. George, needing the money, along with his sisters are now trying to sell the house. Legacy Law Center is an award winning Estate Planning, Probate, and Elder Law Firm in St. Charles County, Missouri that can assist you with your planning needs. The process of removing a deceased joint tenant from a Missouri deed is fairly simple. In Missouri, an Affidavit of Death of Joint Tenant is a sworn and notarized statement which must be executed by someone with personal knowledge of the matter. In Missouri, a beneficiary deed transfers real estate to the beneficiary upon the owners death. endobj Deeds effective on death of owner recording, effect. This saves them in legal fees and saves you if you were considering setting up a trust to transfer your house instead. 9 0 obj Use of Deeds.com Legal Forms. <> 8 0 obj 701, A.L. Enter your zip code to see if Clever has a partner agent in your area. First, this is not a sale it is a transfer on death. endobj endobj stream The most common example of this is when the surviving spouse has passed away, leaving no living owner. A beneficiary deed (often called a "transfer on death" or "TOD" deed in other states) is like a regular deed you might use to transfer your Missouri real estate, but with a crucial difference: It doesn't take effect until your death. 1. The surviving spouse can clear up title by recording the affidavit. On the first page of the document, enter the following information: Grantor's full legal name and address. Karri P. said: Great service and easy to purchase exactly what you want. We suspect Georges grandmother would not be happy about this development. This also means that the house isnt taxed as a completed gift by the federal government. Definitely recommend! When presenting the affidavit and supporting documents for recording, be sure that they will update the tax records as well. This article examines the advantages and disadvantages of using TOD deeds and details how these deeds work. To remove the decedent's name altogether, execute a new deed showing both joint tenants as grantors and only the survivor as a grantee. 4 0 obj solely on the basis of advertisements. 5 0 obj Once that is done, title will vest in the grantee and they can do whatever theyd like with the property. Do It Yourself Legal Forms available on our Website are not guaranteed to be usable, correct, up to date, or fit for any legal purpose. Speak directly with an Attorney, Kansas City For the most part, it involves recording an affidavit that includes the grantor owner and grantee beneficiarys information, recording details about the beneficiary deed, and specifics regarding shared ownership of the property. While youre still living, the property qualifies for local and legal tax benefits, including the Missouri homestead exemption. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. Get Directions, Olathe, KS 1 0 obj may be used to order one copy or several copies of forms. (636) 486-2619 endobj Affidavit of Death recordings in Missouri are a necessary part of clearing up titling for properties when a property owner has passed away. Transfer on Death Deed Beneficiary Deed Missouri, How sound is this if the seller is found unable in the old age? As its name suggests, the purpose of the law is to help families avoid the costly and time-consuming process of probate after death. Missouri Affidavit as to Death of Grantor Do It Yourself Legal Forms available on our Website are not guaranteed to be usable, correct, up to date, or fit for any legal purpose. In some states a TOD deed is referred to as a beneficiary deed, TOD instrument or deed upon death. The most common example of when an Affidavit of Death of Joint Tenant needs to be recorded is when a married couple own their home as joint tenants and the first spouse has passed away. The deed can be revoked and the owner isnt required to notify the current beneficiary of any changes. A certified true copy of the official certificate of . Thinking about a Missouri beneficiary deed? <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 17 0 R/Group<>/Tabs/S/StructParents 1>> I tried to correct it to no avail so I ended up having to retype the entire document. Clevers Concierge Team can help you compare local agents and find the best expert for your search. The provisions of this subdivision shall apply to all beneficiary deeds executed and filed at any time, including, but not limited to, those executed and filed on or before August 28, 2005. A clear chain of title (with no gaps or interruptions) makes property easier to sell by reducing the chances of unexpected claims from others trying to assert their ownership rights. COURT APPOINTED ATTORNEYS TO REPRESENT TENANTS AT NO COST TO THE TENANT, JACKSON COUNTY LANDLORDS BEWARE OF WHAT IS COMING AFTER 6/1/2022, KANSAS MARITAL PROPERTY LAW AND REAL ESTATE LAW, SELLERS SETTING BUYER BROKER REAL ESTATE COMMISSIONS MAY BECOME A THING OF THE PAST, EVERYTHING YOU NEED TO KNOW ABOUT REAL ESTATE CONTRACTS, LAND TRUST THE ULTIMATE ASSET PROTECTION, RENTABLE SQUARE FEET VS USABLE SQUARE FEET, HOMEOWNERS ASSOCIATIONS AND RESTRICTIONS ON SHORT TERM RENTALS. There is no statutory form or action required to effect the change, but 461.062 provides some guidance for written requests to formalize these transfers. An Affidavit of Death is the document typically used to prove that someone has died for the purpose of winding up their affairs, as well as, transferring and distributing their estate, including: Closing the decedent's checking accounts; Passing property from the decedent's estate to his or her heirs; and Once the affidavit of death is recorded, the Assessors Office will also update the current ownership in the property tax records. If not, send a copy of the death certificate and the recorded beneficiary deed to the county assessor, too. For example: "John Doe (deceased) and Richard Roe, as joint tenants with right of survivorship, convey to Richard Roe as sole owner." Box 5264, Fairlawn, OH 44334. Box 6464 Chesterfield, Missouri 63006 Make sure your include a personal check made payable to "Michael J. Denk" in the amount of $145 and include a copy of the original Beneficiary Deed and a copy of the deceased Grantor's death certificate. A beneficiary deed need not be supported by consideration or be delivered to the grantee beneficiary. And can his blood line come back on me when I am not related? When two or more property owners hold title as joint tenants with right of survivorship, and one co-owner dies, the surviving owners share the decedent's interest in the land by function of law, and outside of the probate process. Deeds.com Missouri Affidavit of Deceased Joint Tenant Forms Have Been Updated as Recently as Wednesday March 1, 2023. Determining who is an "heir" can be complicated. You understand and agree that your purchase and/or use of a form document is neither legal advice nor the practice of law, and that each form and any applicable instructions or guidance is not customized to your particular needs, not guaranteed or warranted to be current, up to date, or accurate. WHAT ARE CLOSING COSTS IN A REAL ESTATE TRANSACTION? Probate Lawyer Chesterfield MO Its also a relatively inexpensive document to have prepared and recorded and should be left to be handled by an experienced probate attorney near you. One way to accomplish this is by completing and recording an affidavit of deceased joint tenant document, accompanied by official copies of the recorded deed showing the joint tenancy and the deceased owner's death certificate. The decision to hire a lawyer is an important decision and should not be made The question arises, then, of exactly how to let the relevant transferring entities know about the owners death. Call us today at (636) 486-2669 to set up a consultation. 145 25, A.L. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer. 11 0 obj 210 endobj FILE AFFIDAVIT AFTER DEATH OF GRANTOR OF A BENEFICIARY DEED, ( Independence, Lees Summit, Blue Springs ), real estate finance, FSBO, real estate markets, home buyers, home sellers. 2 0 obj The owner is a person or persons having a right, exercisable alone or with others, regardless of the terminology used to refer to the owner in any written beneficiary designation, to designate the beneficiary of a nonprobate transfer, and includes joint owners. If the beneficiary has already passed away and if they were a child or grandchild of the owner (i.e., a blood relative), then the deed can pass to their descendants. endobj There is no statutory form or action required to effect the change, but 461.062 provides some guidance for written requests to formalize these transfers. WHAT IS A GIFT OF EQUITY AND HOW DOES IT WORK. A transferring entity is a person who owes a debt or is obligated to pay money or benefits, render contract performance, deliver or convey property, or change the record of ownership of property on the books, records and accounts of an enterprise or on a certificate or document of title that evidences property rights, and includes any governmental agency, business entity or transfer agent that issues certificates of ownership or title to property and a person acting as a custodial agent for an owners property. On our Site we make available for use self-help "fill in the blank" forms. There are two primary reasons to formalize this transfer of ownership, even though it is supposed to happen automatically. What are the risks of using beneficiary deeds : The risks in creating a beneficiary are very few. Clevers Concierge Team can help you compare local agents and negotiate better rates. To inherit, the deeds beneficiary must remain living for 120 days after the homes owner passes away. y4. p88it~q)+{m-=Cr]s]:q|tv]z]-\|qtc4FpV$c*o/_$d(#|F%s>Gd {tYHi Click here for instructions on how to enable JavaScript in your browser. The second type of affidavit is the Affidavit of Death. Section 461.062, however, offers some . *0 6K2E0+y&)N{OEh_b AT4X4hy!7/hQ7(3=aNR7sW/k]N{L)4_)POkt5g''ct%zYZ~7 Even though the transfer of ownership rights is, in theory, automatic, it makes sense to formalize the change in title. IMPORTANT TERMS as defined in 461.005 This article will discuss the two types of Affidavits of Death, their purpose, when they must be filed and what must be contained within them. <> His/her name will still appear on the deed, but the records will show that the property rights were transferred to the surviving owner. Provide notice to your heirs that includes a copy of this deed and your death certificate (Prob. ( Kansas City, Springfield, St. Louis ) For the most part, it involves recording an affidavit that includes the grantor owner and grantee beneficiarys information, recording details about the beneficiary deed, and specifics regarding shared ownership of the property. Missouri Beneficiary Deed c/o Michael J. Denk P.O. Secondly, and I assume this is the root of your question if the owner(s) are competent when they execute the deed and are not improperly influenced to sign the document it is valid. If you use any Do It Yourself Legal Form available on Deeds.com, you agree that: TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL WE BE LIABLE FOR DAMAGES OF ANY KIND (INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR ANY SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES) ARISING OUT OF OR IN CONNECTION WITH THE LEGAL FORMS OR FOR ANY INFORMATION OR SERVICES PROVIDED TO YOU THROUGH THE DEEDS.COM WEBSITE. =/KMA#)GP}Go(mn VtlM?MRDbNnYOC$[pFCPC4Gcb+?3p ;L'?o7=xOF!x*73ivV+Sk|tC%,i?TT|2l{%Oa^Y[pv[E*YO4 There are two primary reasons to formalize this transfer of ownership, even though it is supposed to happen automatically. Beneficiary Deeds, in the proper circumstances, present a very inexpensive and efficient method of transferring real estate upon death. Reply from Staff: Thank you for your feedback. Use of Deeds.com Legal Forms. A beneficiary deed is not evidence of a purchase. Kristopher K. said: Process is easy but system would not accept 3 different credit cards on first day. You can designate two types of beneficiaries: Primary beneficiaries are first in line to receive the designated asset upon your death. stream With a beneficiary deed, your heirs can take possession of your property in a short period andlist it for sale, if needed, to cover funeral and other costs.