Planning a Death Deed

With so many estate planning tools available, it can be hard to determine which is right for your unique situation. Fortunately, our attorneys at Walk-In Wills can help you make the right decision using our decades of experience. For instance, we can help you determine whether a death deed makes sense for your estate plan.

What Is a Death Deed?

A death deed (also known as a transfer on death deed) enables a person to select a direct beneficiary for an asset, such as real estate, financial accounts, and other items. Upon the owner’s death, the death deed stipulates that the named heir should receive the asset without the need of a lengthy probate court process.

Along with reducing the time it takes for an asset to be distributed to an heir, death deeds also reduce the cost associated with probate. When it comes to complex estate matters, legal fees become quite exorbitant as assets are processed. Death deeds offer a simple process that ensures your loved ones receive assets in a timely manner.

Does a Death Deed Afford Ownership While a Person Is Still Alive?

With death deeds, assets are owned by the original owner until that person’s death. Only then will the asset pass to the heir. This process is different from joint ownership, which means two or more people have a legal claim to an asset. With joint ownership, all owners can control the asset, while death deeds only provide access after the true owner dies.

What Are the Benefits of Death Deeds?

Implementing a transfer on death deed provides the following advantages:

Avoiding the fees of probate court
Allowing heirs to access assets faster
Providing greater control of the asset to the owner
Being able to change beneficiaries as you wish

Transfer on death deeds are just one of many estate planning tools available to you. While it can depend on the situation, a death deed may offer many benefits when it comes to your estate plan.

Frequently Asked Questions

1. What is a death deed?

A death deed, also called a transfer on death deed, lets you name a beneficiary to receive a specific asset, like real estate, after you pass away. It transfers that property directly without the need for a long probate process.

2. Does a death deed affect my ownership while I’m alive?

No. You retain full ownership and control of the asset during your lifetime. The transfer to your chosen beneficiary only happens when you die.

3. What are the benefits of using a death deed?

Death deeds can help your heirs bypass probate, speed up access to property, reduce costs associated with probate, and allow you to change beneficiaries whenever you want.

4. Can I change or revoke a death deed after it’s created?

Yes. You can update or revoke the death deed at any time before your death if your circumstances or wishes change.

5. Is a death deed the right choice for my estate plan?

Whether a death deed makes sense depends on your overall estate plan and goals. A death deed may be helpful for straightforward property transfers, but discussing your situation with an estate planning attorney ensures you use the best tool for your needs.

Is a Death Deed Right for You?

f you have more questions about death deeds and whether they make sense for you, please contact our team of lawyers at Walk-In Wills today. We can discuss the exact details of your estate plan to ensure you utilize the best course of action.