Transfer on Death Deed (TOD)
What is a TOD & What are the Benefits?
A transfer on death deed (TOD) is a legal document that can be used to transfer property to designated beneficiaries upon death. Many individuals use this estate planning tool to pass on real estate to their loved ones and it provides an extensive range of benefits. While regular deeds automatically transfer the designated property upon signing, many individuals do not want this to occur while they are still alive, and it also may create additional taxation issues.
At Willingham & Galvan, our McKinney estate planning attorneys can help you create a TOD that adequately expresses your final wishes with respect to transfer of property. With a solid and comprehensive estate plan in place, both you and your family can enjoy security and peace of mind far into the future!
Having a TOD in place provides numerous advantages, such as:
- Ensuring that your property is transferred to the designated beneficiaries upon death and your final wishes are carried out
- Being able to retain ownership of the property while you are still alive
- Avoiding the stress and expense of probate the probate process
Schedule Your Consultation Today!
A transfer on death deed is often an excellent way to make sure that your property goes to the people you want it to go to. In fact, this document will trump living trusts, wills, and other legal documents. Generally speaking, creating a TOD is a relatively easy process, and having the assistance of an experienced team of McKinney estate planning lawyers can help ensure that the final document meets your needs and goals.
To learn if creating a TOD is the right fit for your situation, contact us today at (214) 499-9647 in McKinney to schedule a consultation!
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