• Carmen Zajicek

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.

Avoid probate

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!

46 views

Mike Massey JD, MBA, MPA just might be the 195th most interesting person in Texas. He has 4 college degrees and he's working on a 5th:  BBS Accounting; MPA Master's in Professional Accounting; JD Law Degree; MBA Master's in Business Administration; BBS in Biblical Studies (in progress).

Read More

FOLLOW US

  • Yelp Social Icon
  • LinkedIn Social Icon
  • Facebook Social Icon

Locations:

Austin Arboretum: 8911 N. Cap TX Hwy, #3210, 78738

Austin Westlake: 418 Grace Ln, 78746

Houston: 10810 Katy Fwy, #102, 77043

San Antonio: by appointment only

¡Se habla español!

Subscribe to our newsletter

© 2020 Mike Massey Law.  Managing Attorney Mike Massey, 8911 Capital of Texas Hwy, Ste 3210, Austin, TX, 78759.  Email: mike@MyTxWills.com.  Phone: 888-407-2407.  Mike Massey, Texas Bar # 24032584. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. Privacy Statement.  Prices can vary based on your unique situation and potential add-on services.  Prices for in-office (in person) meetings typically cost more than virtual meetings that are done over the phone instead of in person.  Prices for virtual estate planning do not include an execution ceremony or notary, as those services are not available with our discounted virtual estate planning packages. If your a personal injury case client on a contingency fee, then if we do not win, you will not be responsible for attorney's fees, court costs, or litigation expenses, but if we do win money for you via a settlement or court verdict, then attorney's fees, court costs, litigation expenses and unpaid medical bills will be taken from your share of the recovery. Mike Massey Law is not responsible for your unpaid medical bills.

FAQ's, Q&A, Answers, Information on this site: The materials presented on this site are intended for informational purposes only. These materials should not be used as legal advice applicable to the reader's specific situation. In addition, our provision of this information to the reader in no way constitutes an attorney-client relationship. No action should be taken on information provided within this website without counsel from a professional attorney. The request or receipt of any information from this website or any of the attorneys in our employ does not signify our acceptance to represent the recipient of this information.  It is our intention that all materials posted on this site be up to date and correct. However this information is subject to change without notice and should not be relied upon for accuracy and pertinence to the reader's specific circumstances.

*Note on Contingency Fees: No attorney’s fees unless you recover. Court costs, litigation expenses, and medical bills are paid from your share of the recovery. If there is no recovery, you will not be responsible for any court costs or litigation expenses, except for unpaid medical bills.