Similar to TOD and POD bank accounts, I have recently been made aware there are TOD Deeds for real estate for my state of Virginia. Realizing this may not work for everyone's situation, I think it works for mine since I am leaving most everything that remains to my only child, my biological daughter. It is my understanding this Deed avoids the hassle of probate on real estate, taking it out of the estate such that the beneficiary can immediately do what they need to do with the properties.
I have taken some time to do some research and wanted to ask this forum if anyone here has used TOD deeds and/or had any positive or negative experiences. The only thing I have been told and this was from the real estate lawyer I was going to use who said, "he had just revoked one" because the owner wanted to sell the property and the Title company required that the TOD be removed. However, it is also my understanding this typically does not happen.
My goal is to make handling my two properties at my death easier for my daughter. Thoughts?
I have taken some time to do some research and wanted to ask this forum if anyone here has used TOD deeds and/or had any positive or negative experiences. The only thing I have been told and this was from the real estate lawyer I was going to use who said, "he had just revoked one" because the owner wanted to sell the property and the Title company required that the TOD be removed. However, it is also my understanding this typically does not happen.
My goal is to make handling my two properties at my death easier for my daughter. Thoughts?