As of January 1, 2016, owners of residential real property in California have access to a new estate planning tool: the Simple Revocable Transfer on Death Deed (TODD). Find the law in the California Probate Code, starting at section 5600.
Continue reading “Transfer on Death Deeds for California Real Estate”Texas Adds Statutory Transfer on Death Deeds to Estate Planning Arsenal
As of September 1, 2015, owners of real property in Texas gained access to the statutory transfer on death deed (TODD). Modeled after the Uniform Real Property Transfer on Death Act and located at Chapter 14 of the Texas Estates Code, the Texas Real Property Transfer on Death Act governs the use of transfer on death deeds in the State of Texas.
Continue reading “Texas Adds Statutory Transfer on Death Deeds to Estate Planning Arsenal”Understanding Transfer on Death Deeds
Real estate is often one of the most significant assets to consider in a comprehensive estate plan. There are several ways to distribute the property after the owner’s death. Some of the more common options are wills, trusts, joint ownership, or transfer on death (TOD) deeds. Note: unless identified otherwise, all definitions originated with Black’s Law Dictionary, Eighth Edition.
Continue reading “Understanding Transfer on Death Deeds”Revoking a Transfer on Death Designation Affidavit in Ohio
Ohio Revised Code 5302.23(B)(5) contains the rules for revoking a recorded transfer on death designation affidavit. In short, it states that the owner of real estate previously identified as a transfer on death interest may revoke or change a beneficiary designation at any time before the owner’s death, without the consent of that transfer on death beneficiary. Simply execute and record a new transfer on death designation affidavit, including all information from the prior form, but stating the revocation or change where appropriate.
Continue reading “Revoking a Transfer on Death Designation Affidavit in Ohio”Nebraska Statutory Transfer on Death Deed Options
The Nebraska Uniform Real Property Transfer on Death Act is found at Sections 76-3401 to 76-3423 of the Nebraska Revised Statutes. This useful law provides an option for land owners to convey their real estate after their death, but without the need to include it in a will.
A transfer on death deed (TODD), when lawfully executed, allows property owners to retain absolute title to and control over their land during their lives ( 76-3414). The deeds are also revocable (76-3413). In part, these features are possible because unlike traditional deeds (warranty deeds, quitclaim deeds, etc.), TODDs do not require consideration from or notice to the beneficiary ( 76-3411).
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