When a person passes away, the death certificate and last
will are submitted to the county probate court. A person representative begins
the process of passing assets along as the will directs — except when other
valid legal instruments have priority. One of those instruments is the
all-important real estate deed.
Houses can be left to their owners’ chosen
beneficiaries through wills. But when someone who co-owns a house passes away, questions
may arise as to what the last will says versus what the deed says. In case of a
conflict, does the last will get the last word? Short answer: probably not. The
long answer starts with the
way the title is vested.
Survivorship Rights Vs. Tenancies in Common
When an owner dies, a properly signed and recorded deed directs
and channels the person’s property interest to its next owner, typically according
to the following rules.
Continue reading “What Happens When Wills and Deeds Conflict?”
Ever thought about placing some of your key assets in
instruments that bypass the probate process? In a number of states, homeowners
have the option of placing their real estate in a transfer on death deed. Think
of a retirement account that’s transferred to its designated beneficiary on
death. In the same way, with a transfer on death deed for real estate, a home
can pass to a designated person, people, or a charity automatically upon the
current owner’s death.
Continue reading “Update: The State of the Transfer on Death Deed”
It’s your home. You might wish to add another person—perhaps an intimate friend or a family member. Doing this is a relatively simple action. And you have the right to do it.
sure to consider the unintended consequences. However well-intended your desire
to bring a loved one onto your real estate deed, the conveyance is fraught with
risks and potential frustrations. Be aware that:
- A deed that conveys an interest in your real estate ownership (“adds someone on”) has the legal effect of giving that additional person the same bundle of rights to which you are entitled.
- Once the conveyance happens, it cannot be undone except with that other additional owner’s consent.
following aspects carefully.
Continue reading “Adding Someone to Your Real Estate Deed? Know the Risks.”
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”
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”
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”
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”
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).
Continue reading “Nebraska Statutory Transfer on Death Deed Options”
Transfer on death deeds (“TODs”) are used to convey property rights to one or more beneficiaries after the owner dies. Unlike most other assets in an estate, property conveyed in a transfer upon death is not subject to probate distribution. In addition, as nontestamentary instruments, these conveyances are not affected by provisions of the deceased owner’s will. Ohio’s transfer on death instruments are governed by R.C. 5302.22, and were originally introduced as transfer on death deeds in 2002. Revised to the current format of transfer on death designation affidavits in 2009, these documents, when lawfully executed and recorded, provide a flexible and convenient estate planning tool for owners of Ohio real property.
Continue reading “Dower, Joint Tenancy, and Ohio’s Transfer on Death Instruments”
Real property owners in Alaska have a new estate planning option: the transfer on death deed (TODD).
Alaska joins with an increasing number of states using this law to help real estate owners manage the distribution of what is often their most significant asset — their real estate — by executing and recording a transfer on death deed.
Continue reading “Frequently Asked Questions about the Alaska Transfer on Death Deed”