Using Transfers on Death and Beneficiary Designations
Learn how to use transfers on death or beneficiary designations to avoid probate in Missouri and Illinois.
Understanding Transfer on Death (TOD) Deeds
Transfer on Death (TOD) deeds give property owners the ability to transfer real estate to named beneficiaries without the need for probate court involvement. This can save inheriting parties time, money, and stress during an already difficult time. With a TOD deed, the property owner specifies who will receive the property upon their death, and the transfer is typically completed quickly and easily. This can be a useful tool for estate planning, as it allows individuals to have more control over the distribution of their assets after they pass away.
Beneficiary Designations for Non-Real Estate Assets
In addition to transfer-on-death deeds, assets like bank accounts and life insurance policies can also list designated beneficiaries. This ensures that these assets will be distributed according to the wishes specified by the owner before their passing. Knowing the importance of this process, the team at Crowder & Scoggins, Ltd can assist you in creating a proper estate plan that includes all of your assets, both real estate and non-real estate.
The Benefits and Drawbacks of Using TODs
A Transfer on Death Deed (TOD) is one option to consider when creating an estate plan. It allows for the transfer of real estate to designated beneficiaries without having to go through probate. This can save time and money, but it’s important to be aware of the limitations and potential drawbacks of using a TOD. For example, depending on state law, the property may still be subject to creditors’ claims or estate taxes. It’s important to consult with a lawyer to determine if a TOD is the right option for your specific situation.
Maximize your Estate Planning with Transfer on Death (TODs)
Reduce the complexities of probate and ensure the swift passing of your assets.
Easier Transfer of Ownership
With TODs, you can easily transfer your assets to your beneficiaries without going through probate, saving time and money.
Seamless Estate Planning
Integrating TODs into your estate plan can help protect your assets while ensuring a smooth transfer to your chosen beneficiaries.
Expert Legal Services
Our experienced estate planning attorneys at Crowder & Scoggins, Ltd can guide you in creating a comprehensive plan that utilizes TODs to its fullest potential.