What Is a Transfer-on-Death Deed?
Your house may be the most valuable and sentimental asset you have in your possession, and you may want to keep it for the rest of your lifetime. But at the same time, you may want to ensure that it ends up in the right hands at the time of your unfortunate passing. With this frame of mind, you may have heard of and want to look into a legal document called the transfer-on-death deed. For this, please continue reading to learn more about a transfer-on-death deed and how one of the experienced Butler County deed & property transfer attorneys at Heritage Elder Law & Estate Planning, LLC can determine whether or not you can establish this legal document in your estate plan.
What should I know about a transfer-on-death deed?
Essentially, a transfer-on-death deed is a legal document that allows you, the property owner, to name a beneficiary who will inherit the property in question upon your unfortunate passing. More specifically, you may maintain full control over your property for the rest of your lifetime, and the transfer of your property may commence automatically at your time of death. Ultimately, this transfer will not have to go through the probate court and subsequently avoid its complex and time-consuming process. At the same time, this is a revocable legal document so you may void it at any time during your lifetime should you change your mind and overall estate plans.
Is a transfer-on-death deed legal in Pennsylvania?
While a transfer-on-death deed may seem great and ideal for you, we regret to inform you that this legal document is not enforceable in the Commonwealth of Pennsylvania for real estate property transfers. However, it may be used for alternative assets, namely securities like stocks, bonds, and mutual funds. This is thanks to the Uniform Transfer on Death Security Registration Act. With this, you may register these eligible assets in beneficiary form using transfer-on-death designations. And so, the ownership over these assets may transfer directly to the named beneficiary, again, without the need for probate intervention.
But if your real estate property is your main concern, you may utilize other ways to initiate this direct transfer. For one, you may not have to worry about this if you are married. Because if you sadly pass on before your spouse, they may automatically inherit the house thanks to Pennsylvania’s rights of survivorship. But then, it is up to your surviving spouse to make a plan for the property transfer to your desired beneficiaries. They may do so through their Last Will and Testament or, if they still wish to sidestep probate, then a trust document.
No matter what, you do not need to feel alone in this process. One of the skilled Butler County deed & property transfer attorneys is ready to be in your corner and support you throughout. So please reach out to Heritage Elder Law & Estate Planning, LLC whenever you are ready.
