Tag: Transfer on Death Deed
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How the Beneficiary Claims a Transfer on Death Deed
A transfer on death deed is designed as a simpler way to pass a home along to someone else—in states that allow these deeds. With the TOD deed, a home passes much the way a bank account passes to the account holder’s named beneficiary. Ownership is transferred in a fast and inexpensive manner. Usually. Here…
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Transfer Current Deed When Moving to Senior Care: Wise Move or Not?
You’re thinking of transferring the deed to your home and moving to an assisted living community. Is this a good idea? Can it keep the deed from being taken over to pay for care? Is it the best way to get the deed to your chosen beneficiaries and keep the transfer from becoming a probate…
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Inheriting a Mortgage Along With a Deed? A Few Considerations on How to Respond
More than 40% of baby boomers still have a mortgage on their home. The great generational deed transfer has begun, and many homes are about to be passed to the next generation. Can homes get through probate and be passed to the next-generation owner(s) with their mortgages still in place? It’s possible. This is not…
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Second Thoughts After Deeding Your Home to Your Child? Why and How to Fix It
You had the very best of intentions: helping your adult child get the deed to a home in a housing market stacked against young buyers. So you transferred the deed to your home into the name of your child. Why wouldn’t you? Now, your child will be able to enjoy the home. The transfer is…
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How It’s Going: The Rise of the “Transfer on Death Deed”
Homeowners looking to pass property to the next generation are increasingly asking about transfer on death deeds. These deeds aren’t new. But they are a relatively new option in a number of states. Many people only know about them when their state lawmakers decide to introduce them. Today, more than 30 states allow for a…
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South Dakota Allows “Transfer on Death” for Mineral Rights
Most states have adopted transfer on death deeds. In South Dakota, this option was established in 2014. South Dakota’s transfer on death deed form is a useful tool. It allows deed holders to give children or other beneficiaries a specific property without the complications of making them current owners. Real estate includes both surface rights…
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How to Change the Beneficiary on a Texas Transfer on Death Deed
General legal information about Texas transfer on death deeds. This article describes how Texas law treats beneficiary changes; it does not provide legal advice for any particular property, title history, family situation, creditor issue, or estate plan. Overview A Texas Transfer on Death Deed, often shortened to TODD, is a deed that allows an individual…
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Your Child Will Be Your Successor in Interest. What Does This Mean?
A successor in interest may be the person who inherits your home or otherwise receives an ownership interest from you. It’s a person who takes on the rights and responsibilities connected with the deed. In short: A “successor in interest” is someone who acquires an ownership interest from another party. Your child would also be…
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A Deed for a Dollar: When It Works, When It Doesn’t
Maybe you’ve thought about “selling” your home to your adult child for a dollar. The legendary probate workaround. No gift, no gift tax, right? And you’ve passed on your home without probate. Easy peasy! Wait a minute. Are you sure you didn’t just rack up a six-figure tax bill for your child when she decides…
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Can a Transfer on Death Deed Save Your Family Money?
Seniors hold deeds to a third of all owner-occupied homes. In the coming years, they’ll spend a lot of money in estate planning. Those who want a simple, cheap way to transfer the home at death have a new option in many states: the transfer on death deed (also known as a TOD deed, or…
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Head Off Family Fights in Advance: 8 Smart Estate Planning Moves for Deed Holders
No doubt you’ve experienced it, or more than a few of your friends have. Parents pass on, and then the adult children aren’t speaking. It can happen in any family. Well, you might think, I won’t have to deal with such matters once I’m gone. True. But your heirs (called “beneficiaries” if you use a…
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Estate Planning? Elder Law? Which Do You Need?
Estate planning focuses on what happens with everything you own after death. Elder law addresses legal and planning needs late in life: decision-making authority, asset preservation, and support during physical changes that occur with age. Read on for a more detailed overview and comparison.
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Seniors Want to Know: The Best Way to Hold Title to a Home
Buying a home? Downsizing into a condo community? Maybe you’re acquiring a deed for the first time in many years. And you’re thinking of how your deed will eventually transfer your new home to loved ones. The way you vest ownership with your deed supports your goals. Be ready when the title company poses…
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Inheriting a Home? Read This First.
Now more than ever, an inherited home is a valuable gift. Yet when the inheritance time comes, you might not be sure what to think or do. Or you might simply have questions. Thinking ahead can help get you through that time with confidence. Here‘s a brief guide to planning ahead.
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Quitclaim Deeds, Gift Deeds, and Transfer on Death Deeds
Transferring real property between family members is one of the most common estate planning activities in the United States. Whether parents want to pass a family home to adult children, siblings need to resolve inherited property ownership, or grandparents wish to gift vacation property to the next generation, understanding the available deed options is essential…
