Deeds are legal documents employed in real estate transactions to transfer ownership, execute mortgages, provide easements, and modify boundaries, among other purposes. Property ownership rights are transferred through deeds involving sales, donations, or inheritances.

Deeds provide legal guarantees and protect each party’s rights. They can help senior citizens with wealth management and estate planning by ensuring seamless asset transfers and lessening the hassles of probate for property transfers to legal heirs, trusts, or nonprofit organisations. Deeds safeguard senior citizens’ wishes when distributing their assets and funds.

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Here are a few types of real estate deeds that senior citizens should know:

Special Deed: A special deed protects the title against claims that may have occurred when the property was in the original owner’s custody. It is to promise there are no disputes or title problems related to the property. However, it makes no guarantee regarding claims made before their ownership. Special deeds are sometimes used in commercial real estate transactions or when the seller is unwilling to offer a warranty.

Gift Deed: A gift deed can be executed to legally transfer property ownership to someone without getting anything in return. A gift deed is helpful for senior citizens transferring assets, such as real estate, cars, bank accounts, etc., to family members. Sometimes, people also use gift deeds to manage assets while still living, for example, to lower estate taxes or streamline asset transfers after death. Generally, gift deeds detail the transfer specifics, such as the gifted property, the giver and the recipient’s name, and other terms or conditions.

Fiduciary Deed: A fiduciary deed transfers property when the owner cannot sign due to medical reasons such as incapacitation or death. It’s commonly used in estate settlements. It’s signed by a fiduciary, such as an executor, who has the authority to sign on behalf of the owner, attesting to their legal capacity.

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Conveyance Deed: A conveyance deed transfers ownership of assets like real estate or vehicles directly from the seller to the buyer, bypassing intermediaries like mortgage companies. It aims to simplify transfers and avoid fees, commonly used in home sales to transfer property directly between parties.

Warranty Deed: A warranty deed ensures that the seller has full ownership of the asset and the authority to sell it. Additionally, it offers a warranty against any flaws or claims, regardless of when they surfaced. In residential real estate transactions, warranty deeds are more frequently used as they provide more protection to the buyer.