Who Is The Best Probate Lawyer
A Transfer on Death Deed transfers your real estate to a designated person or persons after you die according to our friends at the Brandy Austin Law Firm. A Transfer on Death Deed may be a good idea because probate won’t be needed if it is done correctly. Many may want to avoid probate court if possible because it can take a long time and rack up costs taken from your estate, and to find an attorney you can search for things like who is the best probate lawyer near me.
A Transfer on Death Deed will allow you to maintain the rights to your property while you are alive, then upon your death, the property will transfer to the beneficiary named in the deed. This way, the property does not become part of your estate and probate is not necessary. You may also name more than one person as beneficiaries.
It is important to note that a Transfer on Death Deed cannot transfer personal property like clothes, jewelry, motor vehicles, or furniture. This document is only for the transfer of real property. This means that property like land, mineral rights, buildings, and homes can be transferred with a Transfer on Death Deed.
A Transfer on Death Deed v.s. a Will
Even with a will, your property will go through the probate courts. With a Transfer on Death Deed, your real property can avoid the probate process and therefore avoid the associated costs. A Transfer on Death Deed will also exclude your real property from Medicaid estate recovery.
However, a will is still important to an estate plan. A will can lay out how both real and personal property will be transferred, and how these properties without beneficiary designations will pass. Wills may also outline what should happen if the listed beneficiaries die before you. A notable difference is that a will may allow you to explain who will receive your personal property. It is important to consult a qualified attorney about your estate plan and how a will or Transfer on Death Deed may work for you.
Requirements for a Transfer on Death Deed:
● In writing, signed by the owner, and notarized
● Must be properly recorded in the deed records, during the owner’s lifetime, in the county that the property is located in
● Name and address of beneficiary or beneficiaries
● A legal description of the property, which may be found on the deed to the property or the deed records
● A statement that the transfer will occur upon the owner’s death
Thinking about what will happen when we die can be difficult, and what will happen to our property may not be at the top of our minds. Still, it is important to make an estate plan that is right for you so that your wishes can be acted out exactly as you want them to. For help with this process, contact an attorney qualified in estate planning.