Articles Tagged with TOD (Transfer on Death)

Texans who own their home often have thoughts about what they would like to happen to the property after their passing. While there are multiple ways to transfer property after a person has died, one of the easiest is called a Transfer on Death Deed (TODD). A Transfer on Death Deed names the individual—or individuals—who will receive the house after the owner’s death. Although Houston Transfer on Death Deeds are not exceedingly complicated, below are common questions and answers about this particular deed process.

What Is a Transfer on Death Deed?

A Transfer on Death Deed allows an individual to create a document that leaves real estate property to a loved one after they have passed away. The property will automatically go to the heir named in the document without the need for probate court proceedings. The TODD process is extremely simple: the owner must sign the deed, get the signature notarized, and file the deed with the county clerk’s office before their death. Within the deed, the following information should be included: the name of the owner of the property, the person, or people, receiving the property, and a statement that the property will be transferred upon the owner’s death. As many people can be named as heirs as the owner wishes.

8.2.19Yes, it is old-school, but if your family is on the traditional side, headed up by a breadwinner dad who runs the finances, then you need to make plans to ensure that your family will be okay, if something should happen to you.

This advice also applies to mothers who are the main breadwinners and run their family’s finances, even though the title of this Forbes article is “How Fathers Can Make Sure Their Families Are Financially Protected.”

Do you have enough life insurance? Be sure you’re adequately insured, so your family won’t struggle to pay the bills without your income. Many employees only have enough life insurance from work to cover a year’s worth of salary, which may be enough for some families. However, if your spouse can't make the mortgage payment on their own, and if they would be unwilling or unable to sell the home, you might want to at least make sure you have enough life insurance to pay off the mortgage. Once you know how much you need, buy a low-cost term policy for the maximum length of time you might need the coverage.

4.25.19There’s an easy way for select assets to be passed to heirs, with no need for probate. It’s called the beneficiary designation.

Your will is a document that is used to pass property and assets to your heirs, but it’s not the only way.

Certain accounts or assets have beneficiary designations, where you provide instructions on who is to receive assets when you die. Most people don’t realize that the beneficiary designation is more powerful than the will, and directions in a will are overruled by the beneficiary designation.

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