By David Disraeli the Personal CFO. Up until September 1st, 2015, owners of property including spouses had to go through probate to transfer their share of the property. This little-known statute which created the “Transfer on Death Deed” changes the estate planning landscape, especially for those whose only probate assets are their home or investment property. Although everyone still needs a will (explained on other pages on this site) at least one can leave property to a person, trust, or entity using this tool – without having to go through probate.
The Transfer on Death Deed allows you to name a beneficiary and a contingent beneficiary at the county where the property is located. This way, the count needs only notification of death to transfer ownership, thus eliminating probate. The enabling statute can be found here:
A Word of Caution:
You do not need an attorney to craft and file this document. This type of deed must be done precisely. If you make a mistake, the county may still record the deed, but it may fail at the wrong time. In this case, your will would control – just like it does now. Probate in Texas is generally not considered to be that burdensome. It is a hassle and it happens at a time when people are grieving. For more details email David Disraeli at firstname.lastname@example.org, or call 512-464-1110.