Legal Question in Wills and Trusts in Missouri

Re: Wills

A beneficiary deed is a deed for real property. A person (the grantor) deeds the property to the beneficiary (the grantee) but it does not take effect until the grantor dies. During the grantor's life, the grantor may revoke the beneficiary deed and do new ones with different beneficiaries. The grantor may also sell, mortgage, or do whatever he/she wishes with the property. The beneficiary deed is effective only if the grantor still owns the property upon death.

The beneficiary deed is an estate planning tool. If the grantor still owns the property at death, the property automatically transfers to the beneficiary that is named in the deed. The property does not have to go through probate administration. One of the items that has to be taken into consideration, however, is if the grantor received any type of Medicaid/Medicare benefits. If so, depending on the circumstances of the case, the government may be able to request that the transfer be set aside so that it can be reimbursed for the monies the grantor was paid during any applicable years. You will need to talk to an attorney to get more specific advice on this and learn how it applies to the specifics of your situation.