“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.
Estate Planning
Executor
Structuring
Tax Benefit
Trusts
Trustee
Protection
Family
When they Die
Other Topics