Many seniors do not have a plan for who will take ownership of their house when they die. The best way to ensure that their loved ones get the home when they die is through a beneficiary deed. This can be done for free in some cases in Arkansas. Arkansas provides legal aid to those who cannot afford it making estate planning a reality for many.
What a beneficiary deed does
A beneficiary deed is a document that is prepared by an attorney and signed by the owners of the property that is to be transferred. This property is then transferred to the beneficiary upon the death of the owner. The beneficiary then takes control of the property.
Advantages of a beneficiary deed.
- The homeowner saves time and money not having to go through probate
- The homeowner can change the beneficiary at any time by filing a new deed.
- The homeowner can use the house as long as they live
- Provides peace of mind to the homeowner
- Property is immediately transferred to the beneficiary after the death of the homeowner.
Applying for a beneficiary deed.
Any homeowner over the age of 60 should apply for a beneficiary deed. An elder law attorney can draft one that will ensure your end-of-life wishes are met. Contact your local elder law attorney today to make sure you have the best plan to fit your future. If you cannot afford to hire an attorney, you may be eligible for free legal services provided by the state of Arkansas. Contact Arkansas legal services to see if you qualify. This will ensure your home is protected in the future.
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One of the many benefits of being an elder law attorney is getting to work with selfless clients who act not out of their own self interest, but out of a deep concern for the people they love. That’s why I love helping families enjoy peace of mind and protect their hard-earned assets.
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