Montana has authorized beneficiary deeds as a way for people to transfer their real property upon their death.
When signing up for an IRA or some type of retirement venue, I have always been asked the question, "who is your beneficiary(s)?, or how do you want to transfer your assets upon your death?"
Interesting that when people take title to real property, no one asks that question????
My interest was peaked by the headline for Montana PBS station's Montana Ag Program, "beneficiary deeds allow owners of real property in Montana to transfer at death without probate their property to one or more beneficiaries". If you haven't seen this show, you really should, the host is hilarious.
Our Montana State University Extension programs provide us with updated self-learning resources on their websites, specifically MontGuides. I love them! They address many estate and family issues in a way that I cannot find any where else. I use these handouts in my real estate business, especially the one about "property ownership" in Montana, which covers how parties can take title to real property.
This MontGuide is titled Beneficiary Deeds in Montana, and I'll hit some highlights for you:
- Authorized by the 2007 Montana Legislature
- Pertains to real property in Montana only, land, including whatever is erected, growing on or affixed to it, such as homes, garages, or other building, fences, water systems (unless removable), mineral deposits and standing uncut timber.
- The beneficiary deed is one in which the owner conveys an interest in Montana real property to a grantee beneficiary effective upon the owner's death.
- The beneficiary can be anyone the owner decides upon including children, spouse, relatives, friends, charitable organizations or trusts
- The beneficiary deed does not supersede a joint ownership with right of survivorship
- The deed must be recorded with the clerk and recorder in the Montana county where the property is located before the death of the owner
You can read the details of this deed in the MontGuide and see if it's something you may want to consider for your Real Property in Montana. It is estimated that 70% of Montanan's do not have a will. If a person dies without a will, their assets will be distributed according to Montana intestate statutes, through the probate process.
An attorney familiar with estate planning can give you legal advice about what your best options are.
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