Finding ways to protect your assets can help you prepare for the future more effectively. Working with an experienced Sugar Land real estate law firm can help your beneficiaries to avoid probate. These dedicated legal professionals can provide you with the most accurate guidance and support throughout your estate planning process. Setting up a Texas transfer-on-death deed for your real estate holdings can ensure the smoothest possible resolution of your estate for those you leave behind.
What Is a Transfer-on-Death Deed?
In the state of Texas, property owners can execute a transfer-on-death deed that allows the seamless transfer of real estate from the owner to a designated beneficiary upon the death of the original owner without going through probate. This strategy can provide added financial security for your family members and can reduce the stress they experience during this difficult time.
A New Benefit for Texas Residents
The law allowing transfer-on-death deeds went into effect in September 2015. Prior to that time, real estate holdings could take months or years to process through probate, making it much more difficult to manage financial issues after a death in the family. Consulting with your local Katy estate planning professional can help you to set up a transfer-on-death deed to protect your assets and your family.
How Transfer-on-Death Deeds Work
While the transfer-on-death deed is a relatively simple legal document, the state of Texas does require that the deed be executed in writing and that it include a few key pieces of information:
- The name and address of both the beneficiary and the current owner
- The legal description of the property to include the address
- A notarized signature by the current owner
- Language that indicates that the property will not be transferred until the death of the current owner
The deed must be submitted to and recorded by county officials before the death of the property owner. Texas law does not require that the beneficiary be notified of the transfer-on-death deed at the time of filing.
Texas law allows for multiple beneficiaries of a transfer-on-death deed. Most Katy real estate law experts recommend against this, however, as the property must be divided into equal shares for every beneficiary, making it more difficult to sell or otherwise manage the property after the death of the original owner. A will is a more practical legal instrument for leaving property to multiple beneficiaries.
The friendly and knowledgeable legal team at Lambert & Jakob can provide you with the most accurate and up-to-date guidance on Sugar Land real estate law, managing your estate and taking care of your family in the most practical way. We will work with you to determine your priorities and to design a solution for your needs. Call us today at 713-640-5700 to set up an initial consultation.