When evaluating if a beneficiary deed is the right fit for you, it is important to evaluate the advantages and disadvantages of this form of estate planning. When evaluating the advantages and disadvantages, it is also important to apply these to your particular situation to see if the fit is right for you. Some of the advantages and disadvantages are:

Advantages:

• This is a simpler form and is less expensive than setting up a trust. 
• A beneficiary deed will only go into effect after the death of the owner.
• The owner can revoke the beneficiary deed or revise it at any point up until their death.
• The owner retains all rights of ownership which includes selling, developing and encumbering the property while alive.
• The transfer of ownership will occur outside of probate.

Disadvantages:

• Beneficiary deeds do not account for the potential incapacitation of the owner.
• Beneficiary deeds fail to account for unusual circumstances that may occur. They are not as flexible as a trust.
• Because of the lack of flexibility, a beneficiary deed eliminates many different planning options that other forms of estate planning allow for.