What is a Transfer on Death Deed
What is a Transfer on Death Deed?
A Transfer on Death Deed is a unique type of deed that can be prepared, during the owner's lifetime, to transfer title of a real estate to a designated beneficiary. The title will transfer to the beneficiary only after the original owner's death.
Who would benefit from a Transfer on Death Deed?
An individual who owns solely real estate can benefit from preparing a Transfer on Death Deed as it is shorter and easier to prepare than a trust. A non-resident of the United States or a person who lives in a state other than the one in which the real estate exists can benefit from preparing this easy-to-prepare deed.
Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.
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