In Missouri, a beneficiary deed allows a person to make a deed conveying his real estate upon his death. This is a unique tool as it allows someone to pass property without going into probate. Unlike a quite claim deed or other present conveyance, the beneficiary deed does not require the grantee’s signature if the person would like to cancel the deed (Perhaps, he would like to sell his home instead.) or convey to someone else upon his death. The person making the beneficiary deed can change his mind at any time before he dies.
Other tools are the Power of Attorney and Trust. These tools can be combined, and, when properly used, such tools can minimize the chances of having to probate an estate. Your attorney can help you decide what tools will work for you in your particular situation.
If you are looking for a power of attorney form, you are probably experiencing some difficulty locating the right form. The reason is that a Power of Attorney or Durable Power of Attorney can be drawn in several different ways depending on the situation. Most attorneys are reluctant to use just a “one size fits all “ approach in drawing a power of attorney. For instance, a power of attorney can be drawn to take effect immediately or upon the happening of a certain event. That event might be a doctor’s certification that the principal is no longer competent to make his own decisions. Once the doctor’s letter is drawn, the power of attorney comes into effect. Another consideration that one must consider is whether it is too late to draw the power of attorney. If there is already a diagnosis of a debilitating condition, the power of attorney would have no affect if challenged since the person drawing it did not have the mental capacity to understand the document he was signing.
Other powers either included in a power of attorney or withheld depends on the situation. Does the person who receives the rights as an attorney in fact from a power of attorney have the right to convey property to himself? If that person is an heir, that might be a good power to include. On the other hand, if the person is only a person to exercise decisions on the principal’s behalf and is himself not an heir, perhaps that power should be withheld.
There are many such considerations of what powers might be included and what powers should be excluded in drawing a power of attorney. Such is the reason you should consult your attorney for the detail of what you want to accomplish with a power of attorney.