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TOD of house deed and vehicles titles ?
Old 04-28-2014, 07:39 AM   #1
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TOD of house deed and vehicles titles ?

Had a conversation with a friend yesterday who told me you can have the deed of your house and vehicle titles to be transferred on death, thus eliminating the need for probate. I asked him about the mechanics of this and he was not sure. Anyone here familiar with this potential option, and if in fact this is a possibility.

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Old 04-28-2014, 08:13 AM   #2
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We are updating our wills and our attorney is suggesting I do a TODD (time of death deed) for the rental properties I have which are in my name only.

They would pass the properties outside of probate to my wife.

Advantages -

- No probate
- Stepped up cost basis

Disadvantages -

- Pay for lawyer to draft document and pay $46 for each property to file new deed with the county
- This wouldn't help us much if we both die at the same time unless I did TODD to a Living Trust which I really don't want to do if just I die

Therefore, I'm struggling with whether to fork over around $1k now on the rare chance that I die a sudden death. Obviously, any protracted death could have me execute a TODD on an as needed basis. It would save my family probably $10-15k in probate fees vs. the $1k to file it now.

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Old 04-28-2014, 08:34 AM   #3
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Very interesting, especially the taking at stepped up basis part. My gal and I own everything as Calm and Gal, joint tenants with right of survivorship, but a TODD might be great for transferring after we move on.
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Old 04-28-2014, 09:36 AM   #4
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We did this with my Dad's condo after Mom died. A form had to be filled out and notarized and then filed with the county. There was a small fee. Later I could see the change online.

An estate lawyer had recommended this step because after a TOD is filed the property is no longer included in the will and does not go through probate.

Ours was called a Transfer On Death affidavit.
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Old 04-29-2014, 09:47 AM   #5
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Like Sue, I had my father do a Transfer on Death Deed for his house. The house will automatically transfer to my brother and I on his death. All of his other assets are either TOD, or we are co-owners already.
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Old 04-30-2014, 01:59 PM   #6
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This website says only a few states allow this:

"Only a few states offer this option; currently Arkansas, Arizona, Colorado, Indiana, Kansas, Minnesota, Missouri, Montana, Nevada, New Mexico, Ohio, Oklahoma and Wisconsin. Check your state’s statute for rules. Many of the statutes provide deed forms."

I am actually working on this now for my state of Kansas, but the county was not super helpful. I am more of a DIY guy, but they said I needed to work with a lawyer to draft the form and then get it notarized. Then it would be $8 to file. I asked why do I need a lawyer if it is a standard form. They said they couldn't comment. I am still researching this on the state law website, but it looks like everyone online is recommending the use of a lawyer to make sure it is drafted properly.
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Old 04-30-2014, 03:02 PM   #7
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I used a lawyer that had experience with this sort of thing, so it was worth my $125 to make sure it was done right. My father-in-law did one himself using a form he found on the state website. Having said that, he also badgered several lawyers with "free" phone calls to ask them questions. It saved him around $100, but took several days of trying to figure out exactly what to do and then he had to get it notarized and file it with the county. Not worth the time for me. If it would have cost me several hundred $$, then I probably would have tried to do it myself.

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