A “Deed Upon Death” provides for the distribution of your real property upon your death. The primary advantage is the avoidance of probate and the accompanying fees and delay. The person who receives the Property upon your death is called the “beneficiary.” You can provide for multiple beneficiaries and even have the right to change beneficiaries after you have recorded the Deed. The recording of the Deed Upon Death does not interfere with your ability to lease or sell the Property. In the event you sell the Property, the Deed Upon Death becomes void. On the other hand, the recording of the Deed does NOT create any interest of the beneficiary in the Property which his/her creditors can attach. While some persons have indicated this is an effective tool to transfer property in order to avoid probate creditors, that is simply not the case. The Deed Upon Death statute specifically provides that if the probate estate is not sufficient to satisfy the claims of creditors allowed against the estate, the obligation may be satisfied by the property transferred pursuant to a deed upon death.
For nearly two decades, our Las Vegas Probate Lawyers have been helping families navigate through the challenging probate process. Call our office at 702-798-4955.