Revocable Transfer on Death Deeds: The Low-Stress Way to Pass On Real Property
Estate planning is an essential part of protecting your assets and ensuring that your loved ones are taken care of after you're gone. While many people focus on creating a will or trust, there's another important document that shouldn't be overlooked: the revocable transfer on death (TOD) deed.
A revocable TOD deed is a legal document that allows you to transfer ownership of real property to a named beneficiary after your death. This type of deed is revocable, which means that you can change your mind about the beneficiary or the property at any time during your lifetime.
One of the primary benefits of using a revocable TOD deed is that it allows you to transfer real property outside of probate. This means that the property can be transferred to the beneficiary quickly and efficiently, without the need for court intervention. In fact, a revocable TOD deed allows you to transfer real property to a specific beneficiary or multiple beneficiaries, or even transfer it to a living trust, which can equipped with specific instructions on how the property should be treated once it’s held in that trust.
In Nebraska, a revocable TOD deed is available as a legal option for transferring real property. However, it's important to note that not all states allow this type of deed. If you're interested in using a revocable TOD deed as part of your estate plan, it's important to consult with an experienced estate planning attorney who can advise you on the laws in your state.
It's important to note that a revocable TOD deed is not a substitute for a comprehensive estate plan. However, it can be a valuable addition to your plan, particularly if you own real property that you want to transfer outside of probate.
If you're interested in learning more about revocable TOD deeds and how they can benefit your estate plan, contact an experienced estate planning attorney. At our firm, we specialize in helping our clients create customized estate plans that reflect their unique needs and goals. Contact us today to schedule a consultation and take the first step toward protecting your future.