Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.
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.
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.
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.
Implementing a transfer on death deed provides the following advantages:
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.
If 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.
