“Will” and “Time of Death” Deed

I promote everyone to have a “Will” to determine what happens with your assets and liabilities. In addition to having a Will, to minimize or eliminate the need for probate court, you can transfer ownership at time of death to a designated person(s).

In Georgia, you can use a Transfer-on-Death (TOD) deed to transfer real estate to a designated beneficiary upon your death, avoiding probate, by recording a signed deed with the county where the property is located. 

In Coweta County, Georgia, a Transfer-on-Death (TOD) deed allows real estate to pass to designated beneficiaries upon the owner's death, bypassing probate, and is governed by Georgia law (O.C.G.A. 44-17-1 through 44-17-7). 

What is a TOD Deed?

  • I allows you to name a beneficiary who will inherit the property upon your death, without the property going through the probate process.

How it Works:

  • You, as the property owner, record a TOD deed with the county where the property is located, naming the beneficiary(s).

  • During your lifetime, you retain full ownership and control of the property, and the beneficiary has no rights until your death.

  • Upon your death, the beneficiary must execute and record an affidavit affirming the transfer and accepting the property interest.

  • The affidavit must be recorded within nine months of your death, otherwise, the property interest reverts to your estate.

Benefits:

  • Avoids Probate: Can help avoid often lengthy and costly probate process.

  • Simpler Transfer: The transfer of property is simplified and can be completed more quickly.

  • Considerations:

    • Revocable: You can revoke or change the TOD deed at any time during your lifetime.

    • Beneficiary Acceptance: The beneficiary must accept the property interest within nine months of your death by recording an affidavit.

    • Consult an Attorney: It's recommended to consult with an estate planning attorney to ensure the TOD deed is properly drafted and to understand the implications for your specific situation.

Video Series on Estate Planning

I stumbled on a video series about establishing estates, the speaker blew me away with his simple approach and explanation, so I am sharing them with you below. Consider this as education. Discuss with whoever you are working with to establish and structure your estate.