Transfer on Death Deed
One of the new estate planning tools in Texas for year 2016 and future years is the Transfer on Death Deed. This Deed should be part of everyone’s estate plan who own a residence and/or other real estate in Texas.
This Deed, which is filed for record in the county where the real estate is located, allows the owner(s) of the Texas real estate to transfer that real property in Texas outside of the probate process. This Deed is like a beneficiary designation on a bank account, insurance policy or IRA. It allows the real estate owner(s) to name a primary beneficiary at his or her death (husband or wife, for example) and a contingent beneficiary or beneficiaries (children, for example) who will inherit the Texas real estate at the death of the primary property owner(s).
All we need is a copy of your existing deed to the real estate you wish to transfer at death so we can get correct names and correct legal description of the Texas real estate in order to prepare a Transfer on Death Deed. At that time, if you wish, we can discuss whether or not your family’s estate plan needs to be updated or changed in other respects to take advantage of other changes in the laws regarding estate planning, probate and federal taxation of estates.