Suppose a mother wants her home to go to her son, but she dies without a will. If the son moves in but needs a loan to make repairs to the house, no bank will give him a loan because he does not have clear title. Similarly, if the son tries to sell the house, he will find that he cannot do so because he does not own it. For all practical purposes, the son will be stuck with a home he does not own, cannot sell, and cannot afford to repair.
Many senior homeowners don’t have a plan for who will take ownership of their home when they pass away. One simple way to ensure that their homes are passed to their loved ones or to a trusted charitable organization is through a simple form called a Beneficiary Deed. A Beneficiary Deed is a document prepared by an attorney, signed by the owner(s) of the property, and recorded with the County, naming the person or organization that should own the property upon the current owner’s death. A Beneficiary Deed ensures that the named beneficiary(ies) receives the property upon the death of the homeowner, and no sooner.
A beneficiary will be listed as the owner of the property after the death of the homeowner. The beneficiary will be responsible for property taxes, any remaining mortgage payments, and property upkeep. Because the property will be in the name of the beneficiary, the beneficiary can also sell the property or take out loans for improvements.
Legal Aid of Western Missouri offers this service completely free of charge for senior homeowners and other low-income homeowners who qualify. Any homeowner age 60 or older living in Kansas City, Jackson County, Missouri should contact Legal Aid of Western Missouri to apply. Call Kayla Hogan at 816-474-1413 x. 5275 for more information, or to apply.
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