Some states allow the use of transfer-on-death deeds as a way to transfer real estate after death. This can be an easy way to choose who will inherit your home. Take a look at the following guide to learn more about the use of a transfer-on-death deed. If you have any additional questions, speak with an estate planning attorney.
Transfer-on-death Deeds are authorized in the following states: Arkansas, Colorado, Ohio, New Mexico, Arizona, Kansas, Wisconsin, Missouri, Nevada and Montana.
As an Arkansas resident, you are able to take advantage of this tool. This can be an easy way to control who will receive your real estate property after your death.
To accomplish your property transfer goals, you will need to utilize a special deed. The transfer-on-death deed will contain special language that explains that the property will not be transferred until after your death.
You will list a beneficiary who will receive the property. This beneficiary will have no legal rights to the property until after your death. The beneficiary doesn’t need to sign the deed or even know about it.
You’re also able to name an alternate beneficiary who will inherit your property if your first choice isn’t alive at your death or disclaims the property.
For the deed to be valid, you must record it with local county land records office before your death. Otherwise, it will be invalid.
After your death, the property is transferred to the beneficiary that you have named. It’s important to note that the new owner will be responsible for any mortgage debt that comes along with the property.
This can be a beneficial way to avoid the process of probate. This can save on time, money, and stress.
You’re always able to change your mind about the transfer-on-death beneficiary. You can do this by revoking the deed or creating a new one and naming a new beneficiary.
If you have any questions about transfer-on-death deeds, consult with a qualified estate planning attorney.