Legal Question in Business Law in North Carolina

Re: beneficiary of property

I'm not sure exactly what you mean by "without designated beneficiary." When buying real property in California, about the closest on can come to designating a beneficiary is to take title in joint tenancy with the person whom you wish to own the property upon your death.

Are you the owner of the real property, or do you hold a note secured by the real property? This also isn't clear from your question.

Designation of beneficiaries is ordinarily done, other than when buying something like life insurance or an annuity, by will or by living trust.

Whether you own the property itself or only hold a note, I'd recommend having an attorney set up a trust and will for you under the laws of your state of residence.

If you hold a note, you might want to arrange with your bank to act as the receiving or collecting agent on your behalf. That way, if you pass away before the note is paid off, the borrower will continue to mail or wire payments to the same party (the bank) whether or not he has notice of your passing, and the money will accumulate in an account until your successor trustee or executor gets around to dealing with your estate.

At this point, I would advise against trying to change the terms of a note.......I assume you have a recorded deed of trust or mortgage, and trying to change the loan terms could interfere with the priority of your lien. Instead, limit yourself to the steps suggested above; that should take care of succession matters.

Re: beneficiary of property

If you mean to have it pass to another after your death, then deed it as joint tenants. Call me directly at 16192223504.