What are the advantages of a Transfer on Death Deed?
A transfer on death deed is a document that transfers your ownership in a piece of real estate to someone else after you die. The person transferring property is called the transferor or grantor, and the person named to receive the property is the beneficiary, grantee, or grantee beneficiary.
A transfer on death deed simplifies the transfer of property after your death and is fairly easy to create. Even if you have other assets that will need to go through probate, using the deed for your house can help ease the probate process for your beneficiaries and loved ones.
Below are a few advantages of a transfer on death deed:
- Probate is not required to transfer the property. Avoiding probate can be a big benefit as the probate process can be time-consuming and costly.
- The property owner retains full control over the real estate until death. Therefore, the property owner may sell, lease, or otherwise use the real estate. The beneficiaries have no right in the real estate until the owner’s death.
- You may revoke the deed if you change your mind by recording a revocation with the county the property is located in.
To ensure the transfer-on-death deed is valid, it must be signed in front of a notary public and notarized. Then, the owner must record the deed with a county clerk at the local county recorder’s office, where land records are kept. If the owner fails to sign, notarize, or record the deed, the deed is invalid.
If you have questions about a transfer on death deed, Attorney Darcel Lobo can help you discuss more the specifics and if it is right for you. You can call or text us at (206) 408-8158 or visit us at dallawfirm.com. We look forward to helping you!
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