By: Thomas A. Griesbach 2019
Probate avoidance is a “hot topic” in estate planning and a Transfer on Death Deed can help you avoid probate. ”Probate” is a court proceeding which often requires the assistance of an attorney and can take up to a year to complete. In many situations, the probate process is often a needless expense which is best to avoid.
Many people can avoid probate by simply placing proper beneficiary designations on their financial assets and executing a Transfer on Death Deed (“TOD Deed”) for their residence and other real property.
A TOD Deed is a document that is recorded with the Register of Deeds that names beneficiaries of your real property. It can be amended or revoked at any time when you are living and is not an encumbrance to your title or ownership. You may sell your property at any time as if the TOD Deed were never recorded and the sale will automatically render the TOD Deed void. If you have a properly executed and recorded TOD Deed when you die the real property therein described will pass outside of probate to your named beneficiaries.
This blog post is provided for informational purposes only and by its very nature is general. This information is not intended as legal advice.