Transfer on Death Deeds
A Transfer of Death Deed is a document that names a beneficiary to own your real property after you die. The beneficiary(s) listed will automatically become the owner after the current owner dies. A beneficiary can be a family member, friend, or charity. If the Transfer of Death Deeds were filed correctly, you would not need to go through probate court. If you are uncertain or have doubts about your current situation, we can guide you and answer any questions.
Why is a Transfer on Death Deed necessary?
• Having a Transfer on Death Deed ready will avoid probate court.
• If you have joint ownership, the title will automatically go to the surviving person.
• May provide tax savings.
Does a Transfer on Death Deed Replace a Will?
A transfer on Death Deed cannot replace a will. The will is an essential part of your estate plan that includes your special wishes and directions on how to distribute your personal property. A Transfer on Death Deed will cover your real property. This property is outside of probate and can save court costs. It is crucial your will and Transfer on Death Deeds are consistent on who will receive your home and land. If there are any inconsistencies, the person named on the Transfer on Death Deed and not on the will; will own your property after you pass away. It is always best to hire an experienced attorney to take care of the legal part for you. If you have any questions about a Transfer on Death Deed or would like to create one, contact The Law Office of Racheal L. Adkins today.
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