By Dina Koch
Photo courtesy of Pixabay
Do you own property in Virginia? Do you want to ensure that your beneficiaries inherit your property in the smoothest, most efficient manner possible? Would you like to “avoid probate” for your loved ones upon your passing? If you answered yes to these questions, you may want to consider executing a transfer on death (TOD) deed.
WHAT IS A TOD DEED?
A TOD deed is a legal document that transfers ownership of real property to one or more designated beneficiaries upon the death of the property owner(s). After signing, the deed is recorded with the land records office, and it takes effect only upon the passing of the individual or surviving owner.
WHY WOULD I WANT TO USE ONE?
One of the primary benefits of a TOD deed is probate avoidance. It allows property to pass directly to your beneficiary without going through the process of probate. This can save your beneficiary significant time, money and stress. Another advantage of a TOD deed is its simplicity. You may use a TOD along with a will without creating and funding a revocable living trust. A third benefit is that, with a TOD deed, during your lifetime, you retain complete ownership and control of the property. A TOD deed is revocable and may be modified at any time during your lifetime.
In other words, if you want to ensure an efficient transfer of real estate without your beneficiaries having to go through probate, having to create and fund a trust, or having to give up some of your ownership interest during your lifetime, a TOD deed may be a great option for you. Keep in mind, a TOD deed is not intended to be a complete solution or substitution for comprehensive estate planning. However, by creating a TOD deed with the assistance of a qualified attorney, you can help provide peace of mind for yourself and for your loved ones.
Of course, The Dean Law Firm is ready to help you create a TOD deed or answer any other questions you may have. Call us for more information.
