Registering an asset in "beneficiary form" means to prepare the asset to be transferred directly to one ore more beneficiaries upon the death of the property owner.

There are different documents required for each type of asset.  Registering an asset in beneficiary form is sometimes as simple as filling out a transfer-on-death form issued by a financial institution.  For other items of property, the documentation may be more complex.  For example, real estate may be distributed to beneficiaries without probate, but a specialized form of deed is required.

Most assets can be registered in beneficiary form, including these types of property:

• Real estate
• Bank accounts
• Closely-held businesses
• Bonds
• IRA & 401K
• Life Insurance
• Annuities
• Mutual Funds
• Brokerage Accounts

Motor vehicles and personal property may also be delivered to family members without probate, but only if probate proceedings are not otherwise required for a deceased person's estate.

The purpose of registering an asset in beneficiary form is to transfer an asset directly to one or more  designated beneficiaries upon the death of the owner.  A beneficiary may be a person, charity, entity, or trust. 

The advantage of registering an asset in beneficiary form is that the designated beneficiaries may receive the asset without probate or other legal proceeding.  The disadvantage of registration in beneficiary form is that there is no management or control of the asset by a trustee or personal representative.  Therefore, registering assets in beneficiary form is not appropriate for minor children, large families, uncooperative beneficiaries, complex distribution plans, or in any situation where post-death management of property is desired.

Upon the death of a person who has registered assets in beneficiary form, the designated beneficiaries must individually file a claim to receive the asset, or participate in transferring the asset to another party.  However, if the beneficiary is a trustee, entity, or charity, then an authorized person must make a claim for the asset, and administer it in accordance with their legal duties.