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The quitclaim or grant deed, on the other hand, transfers property instantly upon execution. After death, the TOD is executed. As a result, the property owner can revoke it at any moment while still living. If the property title specifies "joint with rights of survivorship," you do not need a will, trust, or TOD. The surviving spouse will automatically receive ownership of the property.
TODs are useful for transferring assets to children or other beneficiaries who cannot sign legal documents. With a TOD, the property passes directly to them upon your death without going through an estate. The TOD must be written up front and cannot be changed later.
A quitclaim or grant deed does not require you to know anyone involved in transferring the property. Therefore, they are good options if you want to transfer property without having others aware of your plans. However, if you change your mind about the transaction after executing the document, there is no way to reverse its effects.
If you are planning to transfer large amounts of property or share your home with others, we recommend using a TOD. This will allow you to consider all your options before making a decision that will have an impact on future generations.
TODs can also help prevent family conflicts over what should happen to the property when you die. If you write your wishes in a document that isn't secret, but is known by everyone, then there will be no arguments about how you wanted things to be handled.
No, a will does not take precedence over a deed. A will can only act after death. The deed must be signed within the owner's lifetime. The only assets that pass through the will are those in the decedent's sole name. Any property owned with another person involved (even if that person is your spouse), cannot be affected by the will.
If you have any questions about how your will affects your estate plan, please contact us at [email protected] or (818) 781-5050.
No, deeds are not prepared or recorded by the Register of Wills. Contact your attorney or the Land Records Division of the Circuit Court in the jurisdiction where the property is situated. They can tell you what records may exist regarding your ancestor.
Depending on the conditions of the will, the personal representative designated by the probate court will utilize this unique type of deed to transmit the property to the heirs of the estate or sell the property to a third party. A personal representative deed's warranties are quite restricted. The personal representative cannot warrant the title of the property being transferred because they have not conducted an investigation of the title.
In addition to transferring real property, a personal representative can also transfer personal property. Again, depending on the terms of the will, the personal representative may have to file a petition with the court to authorize the sale of the assets. The petition should include a detailed description of the assets to be sold and the amount to be received by the estate from the sale.
The petitioner must also provide notice of the hearing on the petition to any persons who might have an interest in the estate. If you are a personal representative, you may be able to file a special warranty deed to transfer assets without having to go through the hassle of filing a petition first.
A personal representative deed can only affect future interests in the property being transferred. It does not affect existing rights of ownership by other people who may also claim an interest in the property.
Both deeds and wills are legal documents. Both must be signed and notarized in order to be admissible in court. During the sale of a home, deeds are often filed through an attorney, title firm, or real estate agency. The same is true for wills.
A will is usually written up beforehand with ideas for who should get what. These can be general principles such as "those who love me should be taken care of" or specific instructions on how someone should be treated if they're a particular kind of relative or friend. Will writers often include examples to help people understand their intentions - for example, one might specify that money should be given to a child who needs it rather than being held in trust for education purposes.
A will can also contain directions about what should happen after you die. These may include directives about who should act as executor of the will (the person who writes it can be named specifically or left up to others), what should be done with any property that isn't distributed according to the will, and so on. Directions about trusts are part of the will too - these are deals where someone manages your financial affairs while you live and then transfers certain assets into them when you die. Trusts can be created for many reasons including avoiding probate, maintaining privacy, and benefiting children by providing them with resources they can access later in life.