Is The Legalization Of Transfer On Death Deeds Good News For Texans?
For anyone who owns property or holds valuable assets, preparing for how they’ll be handled after you’re no longer around can be a tough decision. Understandably, no one wants to think about this aspect of their future. But the last thing you’d want is to leave your grieving family in a state of disarray and confusion.
When figuring out the most convenient and cost-effective transfer of real property after their death, people often arrive at Transfer On Death Deeds. State laws govern whether these deeds are applicable in that particular state. Hence, the first step to making a Transfer On Death Deed is to ensure your state allows it.
In 2015, Texas joined the growing number of states that allow the transfer of certain assets to beneficiaries that had been named prior to the owner’s death. The Lone Star State may have joined other states like California, Hawaii, Kansas, Arizona, Ohio, Virginia, Wyoming, Nevada, and countless others, but what does this deed mean for Texans?
A simple process
When you’re looking for ways to easily transfer your property and other assets to your loved ones, Transfer On Death Deeds may seem like a complicated option. However, the one-page document can be prepared fairly easily when you’re working with an experienced attorney who ensures your state’s requirements are met.
Like most legal documents, a Transfer On Death Deed needs to be formatted, written, and notarized properly to be effective. The deed follows the same processes as regular deeds. It requires your signature, complete notarization, and it must be recorded with the county clerk.
This is, perhaps, the primary reason people opt for Transfer On Death Deeds. The probate process can be grueling for families, taking up anywhere from a few months to several years in some cases. The expensive and lengthy process may cause family conflict and strife, embroiling them in an inheritance battle for years and inevitably causing rifts.
Having your real estate go through a probate court can be difficult for your heirs. However, it may be necessary in some cases where the will is present too. Instead, Transfer On Death Deeds allows you to forego the probate to transfer the property to the beneficiaries.
It can be revoked
Much like a will, Transfer On Death Deeds can reflect any change of heart you may have had. This could include a decision to sell the property or if your relationship with the beneficiary has ended.
You can revoke all or part of your previous Transfer On Death Deed and replace it with a different one. That being said, a Transfer On Death Deed doesn’t stop you from selling or transferring the ownership of the property during your lifetime.
Whether you’re thinking of planning for your family’s future or purchasing real estate, it’s best to avoid the D.I.Y. route you might be seeing online. Instead, work with an experienced attorney who deals with personal injury, deeds, estate planning, probates, living trust, and LLC formations.
At Mike Massey Law, we’re committed to providing custom legal solutions that offer quick turnaround and cost-effectiveness.
Contact us today to schedule our free 10-minute consultation. After you agree to avail our services, pay our retainer and properly sign our engagement letter, we’ll send you the draft within 3 business days. If you don’t receive it within that time, we will send you a $50 Amazon Gift Card to compensate for it!