Most people think of wills and possibly trusts when they think about estate planning. However, there are a number of other tools that can keep assets out of probate court and strengthen an estate plan.
Homeowners who want to ensure that the people living with them can continue to stay in the home after they pass away may need to take steps to avoid probate disputes. A deed is one of the tools that can help facilitate a rapid transfer of ownership after the owner dies, without complicating ownership arrangements while they are still alive.
The property can transfer after an owner dies
Obviously, deeds are useful while an owner is alive because they allow for immediate co-ownership. Recording a deed that changes title for the property to joint tenancy with rights of survivorship can be an effective solution in some cases.
Those who do not currently live with the people who may inherit their homes or those who do not want to share ownership while they are alive have another option. Georgia state law recognizes transfer-on-death (TOD) deeds. It is possible for a homeowner to execute a deed while alive. Then, when they pass away, the party set to inherit the property can record the TOD deed with local authorities.
Doing so allows for the prompt transfer of ownership without the direct involvement of the probate court. TOD deeds can speed up the timeline for ownership transfers and reduce the likelihood of probate challenges.
Creating a thorough estate plan that effectively addresses high-value assets can help people ensure that they leave a meaningful legacy when they pass. Transfer-on-death deeds can be part of a comprehensive estate plan that addresses real property and other valuable assets.