If you are doing a little estate planning consider your real estate. It is probably your most valuable assiet. A transfer-on-death deed (TODD) allows for the transfer of title of real property to a named beneficiary at the death of the owner, or the last to die
of multiple owners.
The person named on the deed doesn’t have any right to the property until the owner dies and it can be revoked. The new owner also inherits any liens against the property.
A TODD can be helpful for estates that don’t need estate tax planning and where the only asset subject to probate is the home.
We often work with families and attorneys to sell houses after the owners have died. It can get complicated and take a long time for the estate to go through probate. The house can be put on the market while in probate, but the sale can not close.
Talk to your attorney about the transfer on death deed. There are pros and cons and I can’t give legal advice because that would be illegal. 🙂
If you need help selling a house that is part of an estate please call or write.
