Pros and Cons of Revocable Transfer-on-Death Deeds in Virginia

If you are contemplating what will happen to your home, or other real property (i.e. land) in Virginia, after you pass on, there is a unique type of deed that you may want to consider for estate planning purposes. It’s called a transfer-on-death deed (a.k.a. beneficiary deed). A transfer-on-death deed allows you to execute a deed that names a beneficiary – could be a relative, spouse or close friend - who will obtain title to the property when you pass away without having to go through probate. Virginia recognizes these types of deeds. In fact, transfer-on-death deeds are codified under under...

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