Transfer on Death Deeds (TODDs) allows property owners to designate a person or persons to acquire the owner’s interest real estate upon passing.
This deed may be helpful if you have a high tension family situation or an estate with minimal possessions. A TODD made by an individual, without duress and with full awareness of their possessions / family, may help alleviate those tensions and / or avoid probate altogether. With this deed, a property owner designates who will receive that real estate interest at the owner’s death.
Deeds
There are multiple other types of deeds that property owners may utilize to transfer all or a portion of property. The typical deed of which most are aware is the “Warranty Deed”. These deeds transfer ownership rights with guarantees. This is the type of deed used in a typical home transaction. However, there are other lesser known deeds to fit specific needs such as changing the characterization of property between spouses between “community property” and “separate property”; or, giving a spouse the right to inhabit a property for the remainder of their life and reserving final ownership for children; or, allowing division of a property between a divorcing couple.
These. of course, are only small samplings of the potential uses for deeds in everyday life. Please call for answers to your questions and a free quote.