A beneficiary deed automatically transfers real estate to the beneficiaries on the death of the current owner. These are also known as a transfer on death deed as the transfer occurs at the death of the grantor. It is one of the easiest ways to transfer valuable assets while minimizing the administrative costs of probate. A beneficiary deed supersedes a will because the beneficiary deed transfer without the involvement of the probate court. The execution and transfer of property via a beneficiary deed has no tax consequences.