Nevada's statutory transfer on death instrument for real property is called a deed upon death. It is governed by NRS 111.655-111.699 (2013), inclusive, and incorporates the Uniform Real Property Transfer on Death Act into its text. Like other transfer on death deeds, THE EXECUTED DEED, AS WELL AS ANY CHANGES OR REVOCATIONS, MUST BE RECORDED IN THE COUNTY WHERE THE LAND IS LOCATED, DURING THE OWNER'S NATURAL LIFE.
Transfer on death deeds/deeds upon death make it possible for owners of real estate in Nevada to convey their land to one or more designated beneficiaries after their death, with no need to subject the property to probate distribution. Significantly, transfers included in deeds upon death are not affected by directions included in wills. As such, these deeds comprise only one part of a regularly updated overall estate plan.
When correctly executed and recorded, a deed upon death only contains a potential future interest in the property, so there is no requirement to pay consideration or to give notice to any named beneficiary. In addition, the owner retains absolute control over the property, including the right to change beneficiary designations, revoke the deed, sign sales, rental, or mortgage agreements, and use the land in any other lawful way without penalty.
After the owner's death, the surviving beneficiary claims the property by recording an affidavit of death of grantor, along with an official copy of the owner's death certificate. Alternately, if the beneficiary is unable or unwilling to accept the transfer, the statutes provide a method to disclaim it.
Overall, Nevada's deed upon death offers a flexible tool for estate planning. Because each circumstance is unique, take the time to fully understand the benefits and drawbacks that accompany these documents, including the potential impact on taxes, benefit eligibility and repayment, and other financial concerns. Contact a local attorney with specific questions or for complex situations.
Deeds.com Nevada Transfer on Death Deed Forms Have Been Updated as Recently as Monday November 6, 2017