Depending on the circumstances, inheriting real estate can be a blessing or a curse. If the beneficiary is considering how to handle an inherited house or other property, it’s worth including a disclaimer among the possible options.
Continue reading “Why Disclaim an Interest in Real Estate?”Correcting an Error in a Recorded Real Estate Document
Errors in a deed may create uncertainty about the title and cause problems when the current owner tries to transfer the property at a later point. Executing and recording a correction document is an easy way to prevent this.
Continue reading “Correcting an Error in a Recorded Real Estate Document”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).
Continue reading “Nebraska Statutory Transfer on Death Deed Options”Georgia Bill Making Filing Fraudulent Deeds a Felony
Georgia’s House of Representatives has unanimously passed a bill cracking down on people who steal houses by recording fraudulent real estate deeds. The bill was sponsored by Rep. Tom Kirby and co-sponsored by Rep. Ed Lindsey. House Bill 985 would protect all Georgia homeowners from those who file fake deeds. The bill also makes filing, signing or witnessing those deeds a felony.
Continue reading “Georgia Bill Making Filing Fraudulent Deeds a Felony”Dower, Joint Tenancy, and Ohio’s Transfer on Death Instruments
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”Vesting options for Co-Ownership of Nevada Real Estate
The Nevada statutes identify three primary ways for two or more people to hold title to real property: tenancy in common, community property, and joint tenancy (NRS §§ 111.060, 111.063-065).
Continue reading “Vesting options for Co-Ownership of Nevada Real Estate”Community Property and Real Estate in Washington
The Revised Code of Washington law allows for three primary forms of co-ownership for real property: joint tenancy, tenancy in common, and community property.
Continue reading “Community Property and Real Estate in Washington”Frequently Asked Questions about the Alaska Transfer on Death Deed
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”What is the Difference Between an Ohio Survivorship Deed and a Transfer on Death Designation Affidavit?
A survivorship deed conveys title rights to property upon execution and recording. As such, it is appropriate for a situation where the owners are married or are otherwise willing to be connected by concurrent (joint) ownership. If one of the co-owners dies, his or her share of the real property passes immediately to the surviving owners, but the transfer must be formalized by submitting an affidavit as described in O. R. C.5302.17.
Continue reading “What is the Difference Between an Ohio Survivorship Deed and a Transfer on Death Designation Affidavit?”Conveying Real Property to or from a West Virginia Trust
Land owners in West Virginia may transfer their land into and out of trusts. In this situation, a trust is a legal construct where a third party (a trustee), holds title to real estate at the request of the settlor (the person who placed the title into the trust), for the benefit of someone else (the beneficiary). Trusts are governed by the West Virginia Uniform Trust Code, found at Chapter 44D of the West Virginia Code.
Continue reading “Conveying Real Property to or from a West Virginia Trust”