Protect Your Assets
A Transfer on Death Deed or Revocable Transfer on Death Deed is a relatively new document under the Texas Estates Code that allows an individual or married couple to list a beneficiary to their property so that the property automatically transfers to that person upon their death.
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Create a Clear Plan
Your Property Does Not Transfer Automatically
Many Texans mistakenly believe that their property will automatically transfer to a spouse or a child when they pass away. But, unfortunately, this is not the case, and unless there is an estate plan in place, your property will drive up enormous cost in Probate Courts to determine who is entitled to the property after you have passed.
The Revocable Transfer on Death Deed makes the home a nonprobate asset and can eliminate the need to probate the estate if the only asset is a home. Also, a Revocable Transfer on Death Deed is valid and executable even if there is a mortgage owing to the home.
Even If They Are on the Property Deed, You Still Need a Transfer of Death Deed
That's right. Even if your spouse or loved one bought the property with you and is listed on the deed, the property will still be probated in court and drive up your cost well beyond what a Revocable Transfer on Death Deed will cost.