Find out if a transfer on death deed, is going to be beneficial to your family and your needs: [ Ссылка ] San Antonio Real Estate Attorney Explains
The transfer on death deed allows you to transfer real estate to someone else after you die. Without a will or a TODD, your heirs must go through probate court to adhere to the law to inherit your property. There are many upsides to doing a TODD, the main reason is that you are taking care of all the costs prior to your passing, so your heirs are not paying court fees and attorney costs after you pass.
The transfer on death deed is ideal because you can cancel and rename your beneficiary at any time. While you also still retain the rights to your property and can use it for collateral on a loan for example, or if you decided to sell. TODD’s are mostly used name s beneficiary such as a family member or a spouse, granting the property to the surviving spouse if you pass.
You can also name multiple beneficiaries, a trust, an organization, charities etc. You can also name an alternate beneficiary in case your first beneficiary passes first. It is not required to have the beneficiary sign the document which can be a benefit of assigning your assets after you pass.
You can transfer land, homes, buildings, uncut timber and mineral rights with a transfer on death deed. You cannot transfer personal property like furniture, clothing, cars, etc.
It is important to understand that even if you have a will, your property does not transfer to the beneficiary's name on upon your death. Your property will still have to go through the probate court system. With the transfer on death deed your beneficiaries can avoid that court process an unnecessary court cost. In Texas as a Community property state it is true that the surviving spouse can claim the deceased share of the property (When dying without a will), but this requires court and legal costs also, which is why it is more beneficial to have a TODD prior to this happening.
It is necessary to have a transfer on death deed recorded prior to the property owner's death. A transfer on death deed that is recorded after someone's death is not valid.
Liens and judgments are not removed with a transfer on death deed. Those Liens and judgments still affect the property and the title.
To cancel a transfer on death deed you need to either name a new beneficiary or record a cancellation of transfer on death deed also if you go through a divorce and your transfer on death deed names your spouse your divorce decree will override that.
Can you transfer your property to a beneficiary after you pass? There are many ways to transfer ownership, but one of the least costly ways is by creating a TODD.
