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Saturday, February 25, 2017

TNT UPDATE, 25 FEB

TNT:

SassyD: Texans... FYI ---- Texas has adopted legislation allowing people to le​ave their Texas real estate without probate, by using a transfer-on-de​ath deed. (2015 TX SB 462.) The law takes effect on September 1, 2015.​ For more information on how these deeds work, see "Transfer-on-​Death Deeds for Real Estate." -- Effective date: Sep 01, 2015 -- ​ http://www.nolo.com/legal-update/texas-adopts-transfer-on-death-deeds.​html

SassyD:  The "transfer-on-de​ath deed" must be filed at the courthouse prior to death.... but WOW.... think about the savings !!

Hammertime:  Much cheaper than transfering by will, no atty. fees, title search, etc.
SassyD: Hammer Time... removes the value of real estate from "estate taxes" also, it seems !!

Another note: ..... Whether you have a will or not, your property will still have to go through the probate court system. A Transfer on Death Deed conveys property outside of probate. The avoidance of probate allows for you to avoid incurring court costs and administrative costs to deed the property to your beneficiary. Under current law, it also excludes the real property from Medicaid estate recovery.

SassyD:  List of states allowing "transfer-on-de​ath deeds" --- https://www.rocketlawyer.com/article/what-is-a-transfer-on-death-deed.​rl

TX Transfer on Death Deed: Information, Instructions and Forms -- http://texaslawhelp.org/resource/transfer-on-death-deed-information-in​structions-and-forms

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