In Texas, a Transfer on Death Deed (TODD) is a legal document that allows property owners to transfer their real estate to designated beneficiaries upon their death without the need for probate. This relatively new estate planning tool provides flexibility and control over the distribution of property while avoiding the complexities and costs associated with the probate process. If you are interested in pursuing this estate planning tool, contact a qualified lawyer to make your goal a reality.
Definition and Purpose of a TODD
A Transfer on Death Deed, also known as a beneficiary deed, is a legal instrument that allows property owners to designate one or more beneficiaries who will automatically inherit the property upon the owner’s death. The primary purpose of a TODD is to facilitate the transfer of real estate outside of the probate process, thereby saving time and money for both the property owner and the beneficiaries.
Transfer on Death Deeds are also known as Lady Bird Deeds in Texas, named after Lady Bird Johnson due to how she arranged to legally transfer property after her death.
Requirements and Execution
Specific requirements must be met to create a valid Transfer on Death Deed in Texas. The deed must be in writing, signed by the property owner, and properly recorded in the county where the property is located. Additionally, the deed must contain specific language stating that the transfer of the property will occur upon the owner’s death. It is essential to consult with an experienced estate planning lawyer to be certain that all legal requirements are met during the execution of a TODD.
Revocability and Flexibility
One of the significant advantages of a Transfer on Death Deed is its revocability and flexibility. The property owner retains complete control over the property during their lifetime and can revoke or change the designated beneficiaries at any time. This flexibility allows for adjustments to be made in response to changing circumstances, such as the birth of a child, the death of a beneficiary, or changes in relationships.
Avoiding Probate
One of the primary benefits of utilizing a Transfer on Death Deed is its revocability and flexibility. The property owner retains full control over the property during their lifetime and can revoke or change the designated beneficiaries at any time. The flexibility allows for adjustments to be made in response to changing circumstances, such as the birth of a child, the death of a beneficiary, or changes in relationships.
Contact a Dallas, TX Transfer on Death Deed Lawyer
For assistance establishing this legal instrument, contact the skilled Dallas, TX Transfer on Death Deed attorney with Andrew Dunlap Attorneys, PLLC. Call 972-807-6357 for a private consultation.
