There are three common ways to co-own property in Missouri:
Bauman, as joint tenants," or "to Jonathan G. It might say, for example, "to Ellen Bauman and Edward M. If you don't know how you hold title, start by looking at the deed that transferred the property to you.
DOES A WILL HAVE TO BE NOTARIZED IN MISSOURI HOW TO
If you own the property with someone else, how to proceed depends on how you and the other co-owners hold title to the property. Note that in Missouri, the recorder of deeds might direct your beneficiary to seek a lawyer's help, but if your beneficiary does need a lawyer to continue, this assistance should be simple and limited in scope. Your beneficiary can check with the county recorder of deeds for details.
To get title to the property after your death, the beneficiary must take a few administrative steps (such as recording an affidavit and certified copy of the death certificate in the recorder's office). You cannot use your will to revoke or override a beneficiary deed. You have two options: (1) sign and record a revocation or (2) record another beneficiary deed, leaving the property to someone else. If you later change your mind about who you want to inherit the property, you are not locked in. Even though your beneficiary deed transfers your property outside of probate, if your probate estate isn't enough to satisfy certain creditor claims and statutory allowances (certain amounts your surviving spouse and minor children are entitled to at your death, set out by law), your creditors, spouse, and children may have rights to the property. If you have questions, consult a local attorney. Beware, though, that if you do end up receiving Medicaid benefits-for example, to pay for nursing home care-your home might be liable for reimbursement of Medicaid expenditures. Because you own the property and are not actually giving it away during your lifetime, a beneficiary deed won't help you "spend down" your assets to help you qualify for Medicaid. Creating a beneficiary deed won't affect whether or not you are eligible for Medicaid. Because you're not making a gift of the property, there's no federal gift tax. You can sell it, give it away, or mortgage it. You pay the taxes on it, and it's not protected from your creditors. You keep complete ownership of, and control over, the real estate while you're alive. If you have made a will or previous beneficiary deed that leaves the property to someone, your new beneficiary deed will override it. Otherwise, he or she might not know about it, even after your death.Įarlier wills or beneficiary deeds. (More on this below.) The beneficiary doesn't sign the deed, but it's a good idea to let the beneficiary know you've recorded it. The person you name in the deed to inherit the property doesn't have any legal right to it until your death-or, if you own the property as "joint tenants" or "tenants by the entirety" with someone else, until the last surviving owner dies. You must sign the deed and get your signature notarized, and then record (file) the deed with the county recorder of deeds before your death. At your death, the real estate goes automatically to the person you named to inherit it (your "beneficiary"), without the need for probate court proceedings. 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.