transfer-on-death deed Tag

Pros and Cons of a Revocable Transfer on Death Deed for California Residents

The California legislature enacted a law in 2016 that offered residents an alternative to keep their homes out of the costly and inefficient probate process. This alternative is known as a “revocable transfer on death deed.” This type of deed is sometimes referred to as the “poor man’s trust.” Why? Because it is a less costly way to transfer real property to a named beneficiary without having to create a full-fledged trust. Limitations to a Revocable Transfer on Death Deed There are some limitations associated with transferring real property through this type of deed. For example, the only forms of real property that qualify...

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Unmarried? No Excuse to Neglect Estate Planning

Just because you haven’t tied the proverbial knot doesn't mean you and your significant other should neglect properly planning your estate. Getting your estate organized is not exclusive to elderly folk or married couples. Everyone, including unmarried couples, should take the time to get a plan together. Here are some important tips for couples who have yet to say “I do.” First, if you and your significant other are living together, but aren't yet married, make sure your assets will pass to the other if you suddenly die. You can accomplish this by naming each other as beneficiaries on all...

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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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