In this video we will share an estate planning tool
that you will want to ask your attorney about.
A Transfer on Death Deed (TODD), also known as a beneficiary deed, is a legal instrument that allows individuals in Oklahoma to transfer real estate property to designated beneficiaries upon their death, without the need for probate.
In essence, a TODD operates as a type of revocable transfer, where the property owner retains full control and ownership of the property during their lifetime. However, upon their passing, the property automatically transfers to the named beneficiary or beneficiaries as specified in the deed.
To create a valid TODD in Oklahoma, certain requirements must be met. First, the deed must be in writing and must contain specific language indicating the transfer will occur upon the owner’s death. The owner must sign and acknowledge the deed in the presence of a notary public, and it must be recorded in the county where the property is located prior to the owner’s death. This specific language and process is why it is SO important to work with an attorney experienced in estate planning matters in completing this document.
It is crucial to note that a TODD does not affect the property owner’s rights during their lifetime. They retain full control and can sell, mortgage, or otherwise deal with the property as they wish. Additionally, the TODD can be revoked or modified at any time by executing and recording a new deed.
Keep in mind, however, that a TODD doesn’t provide any protection against creditors’ claims or other liens on the property. If there are outstanding debts or obligations associated with the property, those may still need to be addressed after the property transfers to the designated beneficiaries.
To ensure a smooth transfer process, it is recommended to consult with an attorney experienced in estate planning and real estate matters. They can provide guidance on the specific requirements and implications of using a TODD in Oklahoma, taking into consideration your individual circumstances and goals.
If you or your family have questions about how to deal with Oklahoma real estate matters, please call us at 405.708.7010. If your question is one that requires legal advice or other issues falling outside our scope, we will always help connect you with professionals in various fields who are knowledgeable, experienced, and reputable!
Planning a future move,
but just aren’t quite ready yet?
If you are a seasoned homeowner or someone
who plans to downsize from a larger home to a smaller
space in the next few years, you have come to the right place.
Click on the Button Below
to learn how you can join the Oklahoma Downsizers Club.
