Transfer on Death Deed - Guided Form
What is a Transfer on Death?
A new Texas state law allows real property owners to record a “Transfer on Death” naming a to own that real property after they die. With a properly recorded Transfer on Death Deed, no is needed to transfer the real property.
When to Use a Transfer on Death:
You may want to use a transfer on deathwhen you own real property such as a house or land, and you want to give that property to someone else when you die.
I already have a Will, why would I want a Transfer on Death?
Whether you have a will or not, your property will still have to go through thesystem. A Transfer on Death conveys property outside of probate. The avoidance of probate allows for you to avoid incurring and administrative costs to deed the property to your . Under current law, it also excludes the real property from Medicaid recovery.
Does a Transfer on Deathreplace a Will?
The Transfer on Death Deed does not replace a will. The will remains an important part of yourplan. Your will may provide how property without designations passes, and may provide what happens if all beneficiaries predecease you. Your will may allow you to provide in detail who gets items of , including your motor vehicles, heirlooms and furniture. You should consult your attorney about how a Transfer on Death Deed fits into your estate plan.
Does a Transfer on Deathaffect my rights while I'm alive?
No. It only takes effect after your death. You can sell the property, use it ason a loan, get property tax exemptions, and enjoy all the other property rights you currently have.
What if I own property with someone else?
You can only give someone the portion of the property that you own. For example, if you and yourown the property in equal shares and you file a transfer on death deed giving the property to someone, like a child or a friend, that person only gets your share of the property. Your spouse still has her share.
Does a Transfer on Death trump a will?
Yes. If you already have a will that gives the property to someone else, this transfer on death deed “trumps” the will. The beneficiary named in the transfer on death deed gets the property, not the person named in your will. If you already have a will, it is best to talk to an attorney about the pros and cons of using a transfer on death deed.
NOTE: If you make a will at some point in the future that gives the property to a different person than the beneficiary listed in this transfer on death deed, that provision does not override the deed. The beneficiary named in this transfer on death deed still gets the property. If you change your mind about who you want to get the property, you need to complete the cancellation of transfer on death deed in the will or file an updated transfer on death deed.
A transfer on death deed does not protect the property from claims. You may use a transfer ondeath deed even if there is a debt or , such as a , against the property. However, upon your death, your beneficiary takes the property subject to all mortgages, liens and claims and will be responsible for paying those debts on the property. Also, if the property owner dies and has other unpaid debts, the property could be tied up in until those debts are resolved.
How long does thehave to outlive me?
The transfer on death deed beneficiary must survive you by at least 120 hours. If not, the property is treated as if the transfer on death deed did not exist.
What Other Forms Do I Need?
: When the property owner who created a Transfer on Death Deed dies, this form is used by a named beneficiary to get legal ownership of the property. Title to the property does not pass to the beneficiary(ies) until the Affidavit of Death is filed. Without legal title, you cannot sell the property, or get property tax exemptions, or use the property as of Death on a loan.
Go here for the guided . of Death Form and instructions