Using Transfer on Death Deed in Passing On Your Property

9:21 PM RAWAT 1 Comments

Even when we are still alive, a lot of people are already making plans ahead on their death. They get life insurances, make end of life arrangements, and create a plan for inheritance.  Passing on Inheritance has always been one of the sources of disputes within the family and unfortunately, some people are not able to distribute a fair share of inheritance long before a potential conflict grows. It’s sad to hear that there are times when it becomes a burden rather than a blessing.

Hiring a lawyer will help you take care of every legal matters and would make sure that you fully understood every process under the law. They can also offer you various options that will make every process easier. Creating a will for the family is one of the options most people do to pass on every property to their beneficiaries. However, sometimes it is not the best option especially when it comes to a real-estate property. Once the owner dies, the beneficiary still have to go through the probate process to authenticate the last will.This process can be quite long and expensive. One best option recommended in transferring a real-estate property is through a transfer of death deed.

A transfer on death (TOD)  deed allows you to determine your heirs without having to go through the judge's validation process. The beneficiaries will automatically be the owner of the property upon the owner’s death. It also allows the owner to retain control during life.Not only does it ensure that your rights are not corrupted when you are alive, you can also appoint one or more alternative recipients.

Preparing a TOD Deed

To prepare a TOD deed legally, you must bring your files to the office of the record of the area where you live. Keep in mind that states in the United States have special autonomy regarding this matter and you may find rules that are quite different in other states. You must make sure you fully understand all the instructions provided by your county recorder.
Some important things you should know:

Making Changes on the Deed

If you feel that you are not too fond of the agreement you have made, you can replace it with something according to your preference. . You can go to the office of the record where you made the your first drafted TOD deed one and request for a withdrawal form. Once approved, you can immediately make a new transfer. Remember that before you die, you still have the complete right and control of all your properties..

If you think that your death certificate only covers your property, then you are wrong. It also regulates other aspects such as liens, mortgages and so on. In principle, your heir inherits not only rights but also responsibilities, which bind to the property upon your death. Thus, no party is harmed by your death.

Some States Do Not Authorize TOD Deeds

Not all US’ states authorize a TOD deed. Not only will you need to know if the state you’re living at allows a TOD deed. You must also have enough knowledge for you to avoid errors and be able to comply according to the law. 

Hopefully this article has provided you with useful information to help you make careful decisions on how to pass on your property to your loved ones.

1 comment:

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