Transfer On Death Deed

By
Real Estate Agent 0488515

On September 1, 2015 a new Texas state law allows real property owners (not personal property) to record a “Transfer on Death Deed” naming a beneficiary to own that real property after they die. With a properly recorded Transfer on Death Deed, no probate is needed to transfer the real property.

 

The deed must be signed, notarized and recorded in the county where the property is located.  It must also contain the legal description of the property and the name and address of one or more of the beneficiaries.  

 

Whether you have a will or not, your property will still have to go through the probate court system.  A Transfer on Death Deed conveys property outside of probate.  Not having to go through probate allows you to avoid incurring court costs and administrative costs to deed the property to your beneficiary.  It also excludes the real property from Medicaid estate recovery.

 

If you are considering establishing a transfer on death deed you should consult your financial planner, CPA, or attorney.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,194,302
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

How interesting does this protect the property from additional Taxes? Endre

Aug 03, 2018 10:47 PM #1
Rainmaker
2,970,252
Richard Weeks
Dallas, TX
REALTOR®, Broker

Endre,

It would depends on the status of the beneficiary

Aug 04, 2018 08:45 AM #2
Rainmaker
269,828
Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

Wow! That's interesting. Having settled an estate here, I wish Pennsylvania would consider that. 

Aug 07, 2018 07:30 AM #3
Rainmaker
2,970,252
Richard Weeks
Dallas, TX
REALTOR®, Broker

Don Hess, it does have some advantages.

Aug 07, 2018 09:46 AM #4
Ambassador
3,982,852
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

TN is a little different. It is always best to consult a competent attorney. 

Aug 11, 2018 07:42 PM #5
Rainmaker
577,743
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

I can see advantages to having that law on the books. I'm sure all states vary on this point, so always ask your local attorney what laws govern your particular state. Great info to share with your Texas clients.

Aug 12, 2018 04:06 PM #6
Rainmaker
2,970,252
Richard Weeks
Dallas, TX
REALTOR®, Broker

Thanks Pat.

Aug 13, 2018 05:13 AM #7
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
2,970,252

Richard Weeks

REALTOR®, Broker
Ask me a question
*
*
*
*
Spam prevention