The following are variuos articles relating to Probate and Estate issues. If you
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A New Way to Avoid Probates: Transfer on Death Deeds
On August 1, 2008 a new law went into
effect that allows a deed to transfer ownership to one or more beneficiaries at death. This new type of deed is commonly
referred to as "TODD". The main feature of the TODD is that the grantor retains the use and ownership of the
property while living, which includes the right to revoke the deed or to sell the property.
There are a
number of other potential advantages in the use of a TODD. First, the beneficiary can be one or more persons, to a class
of beneficiaries or to the trustee of a trust. Second, since the grantor still retains title, the property is protected
from claims made against the beneficiaries. Third, you avoid the need for a probate to transfer the property. Fourth, the
cost of a TODD is less than the cost of a trust....
Finding that your client is unable to transfer his or her property until a probate occurs can be discouraging.
However, it is important to note that when a probate must be opened, this does not have to ruin a deal if both parties are
flexible. It can be possible to transfer a property in two to three months if the probate is opened quickly and other complications
do not arise.........
