What Are the Requirements for a Transfer-On-Death Deed?
Georgia is one of the current states in the US that now has a transfer-on-death deed (also known as a TOD deed) for real property. What this type of deed does is that it allows a real property owner to have their real property transferred directly to a beneficiary on death. Otherwise, real property must go through probate, which is typically a lengthy legal process that involves identifying all of the deceased’s assets, validating or proving the deceased’s will, paying the debts and taxes of the deceased’s estate, and more before any assets can be distributed to beneficiaries. The process can take months or longer. With a transfer-on-death deed, there is no need for your home, vacation property, or other real property to go through probate.
Yet in order for the transfer-on-death deed to work as intended, you will need to be certain that you meet all of the requirements for a TOD deed under Georgia law. What do you need to do? A Gwinnett County estate planning lawyer can explain in more detail.
Defining a Transfer-On-Death Deed Under Georgia Law
Under Georgia Code 44-17-2, “an interest in real estate may be titled in a transfer-on-death form by recording a deed, signed by the record owner of the interest, designating a grantee beneficiary or beneficiaries of the interest.” The statute further states that “such deed shall transfer ownership of such interest upon the death of the record owner,” and that “a transfer-on-death deed need not be supported by consideration.”
In short, a transfer-on-death deed can allow a beneficiary to take ownership of real property when the original owner of the real property dies. And unlike a legal contract, there is no need for consideration in order for the deed to be valid.
Requirements for a Transfer-On-Death Deed
In order for a transfer-on-death deed to be valid, the following must be true:
- TOD deed must be signed by the real estate owner; and
- TOD deed must designate a beneficiary (or multiple beneficiaries).
To then take ownership of the real estate, the beneficiary (or beneficiaries) must execute an affidavit that does the following:
- Verifies the death of the original real estate owner;
- Affirms whether or not the real estate owner and beneficiary were married at the time of the death; and
- Provides a legal description of the real estate to be transferred.
Contact a Norcross Estate Planning Attorney Today for Assistance
Georgia residents who want to leave real property to loved ones or entities can easily do so with a transfer-on-death deed, as we discussed above. Yet it is essential to keep in mind that your transfer-on-death deed must comply with Georgia law, or else the real property may need to go through probate, and the process for transferring the property is likely to take more time. To ensure that your transfer-on-death deed is properly created and will allow for a seamless and fast transfer of your real property to a beneficiary, you should seek advice from an experienced Norcross estate planning lawyer at Bowman Law Firm. Contact our firm today to learn more about how we can help with your transfer-on-death deed and any other component of your estate plan in Georgia.
Source:
law.justia.com/codes/georgia/title-53/
