Transferring Real Estate to Beneficiaries in Indiana
A question that often comes up in estate planning is how to handle real estate. For Indiana families whose most significant asset is their home, the transfer on death dead provides an economical solution.
At Dugan & Rybicki, P.C., in St. John, our Northwest Indiana estate planning attorneys draft transfer on death deeds for families in Lake County, Porter County and throughout northern Indiana. We offer a free initial consultation to explain how these deeds work and answer your questions.
What Is a Transfer on Death Deed?
A transfer on death (TOD) deed transfers title to real estate after you die to the beneficiary or beneficiaries you named during your lifetime. It works similar to a pay on death (POD) designation for a bank account. The named beneficiary does not have any interest in your property until after you die, so you can always change your beneficiary designation while you are living.
The advantage of a TOD deed is that it enables your property to transfer directly to your beneficiaries upon your death without the delay or expense of a probate proceeding. A TOD deed is far less expensive than a trust, which can accomplish the same objective when your only or most significant asset is your home.
You should seek a lawyer’s help in drafting a transfer on death deed. Real estate title issues can be complicated and mistakes can be both difficult and expensive to correct. Since your real estate may be the most important asset in your estate, it pays to have the TOD deed drafted correctly.
For More Information About Transfer on Death Deeds
For more information or to schedule a free consultation with our Porter County and Lake County estate planning attorneys, call (219) 365-7766 or fill out the contact form on this website.