A: The stated purpose of the TOD Deed, according to the author of the bill, is to allow seniors, low-income/fixed-income individuals, and individuals whose estates consist primarily of their home to avoid costly and/or complicated probates or trust administrations. Essentially, a TOD Deed, when properly executed, notarized and recorded is supposed to be a simple and inexpensive way to transfer most types of residential real estate (as opposed to creating a living trust, for example).
Q: Why did the legislature create the TOD Deed in California?
- Q: Is it ever possible for someone without a trust to own real estate in California and AVOID probate given the high values of real estate?
- Q: If I only want 2 of my 3 children to inherit my home, would it be advisable to use a revocable transfer on death deed?
- Q: What’s the best way to ensure your estate doesn’t gobble up time and money in probate?
- Q: I only want one of my three children to inherit my house when I die. What do I need to do?
- Q: My late father owned a duplex as a joint tenant with his sister when he died. We also found his will, which stated he left all of his assets to me and my sister. Who will end up owning the duplex?