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.
After the owner has died, the person named in the TODD receives the property—they do not need to sign anything or acknowledge the deed. However, before the owner’s passing, the heir has no legal right to the property. For people who have created a will prior to a TODD that leaves the property to someone different, the deed overrides the earlier document.
What Are the Benefits of a Transfer on Death Deed?
There are many benefits to creating a Transfer on Death Deed. First, the deed may be canceled at any time if the person changes their mind about what they would like to happen to their home. They can sell the property or create a different TODD to leave the property to someone else. Additionally, a TODD allows the individual’s heirs to avoid probate, which can often be a lengthy and costly process. Because the deed is filed with the county clerk’s office, there is no risk of the deed being lost or destroyed.
Because a Transfer on Death Deed is very critical to an individual and their family, people thinking of creating a TODD should contact a knowledgeable estate planning attorney.
Contact a Houston Estate Planning Attorney
If you or a loved one is interested in creating a Lady Bird Deed or a Transfer on Death Deed, contact the experienced Houston estate planning attorneys at McCulloch & Miller, PLLC. We understand how important your house or benefits are, so we will work with you to draft a Deed that is perfect for you and your family. Planning for the future can be stressful, so you can rely on our attorneys to ensure your future is taken care of. To schedule a free consultation and to speak with one of our attorneys, call us today at 713-333-8900.