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Transfer on Death Deed instead of Probate?

| Mar 17, 2021 | Real Estate |

A Transfer on Death Deed or sometimes called a “beneficiary deed” is one of many ways to transfer real estate to someone else. With a will or without a will, Transfer on Death Deeds may avoid any incurring costs for probate. If you already have a will, the Transfer on Death Deed will not replace your will. The purpose of the will remains a vital role in your estate plan.

Just like any real estate deed, it must follow state law and include information such as the names of the grantor, grantee, description of the property, signatures, required witness and notary block. Subject to Section 13.001 of the Texas Code, a beneficiary takes the real property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests to which the real property is subject at the transferor’s death. In a Transfer on Death Deed, special language is required to make a Transfer on Death Deed effective.

Before the death of the current owner, the Transfer on Death Deed must be recorded in the property records where the property is located. To revoke a transfer death deed, you can either replace your Transfer on Death Deed with completely new one or create a revocation document.

Upon the death of one of the owners in a joint ownership agreement, the title will automatically transfer to the surviving owner(s). While transferring property to a living trust, this will require another document besides the Transfer on Death Deed. An experienced attorney can guide you on how to properly handle your estate.

Keep in mind that a designated beneficiary may disclaim all or part of the designated beneficiary’s interest. It is best to coordinate with the beneficiary in advance. If a beneficiary is a fiduciary to the grantor, then additional documents may be needed to show that the fiduciary has performed the fiduciary’s duties.

Are you interested in a Transfer on Death Deed? Do not substitute basic forms or online forms for the knowledgeable lawyer. Our attorneys can assist you with a Transfer on Death Deed. We welcome you to contact us at 713-572-4900.

 

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