home. You might wish to adding 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”