You may have always assumed that your children would take over your real estate property when you and your spouse, unfortunately, pass away. However, this transfer may not happen automatically if you do not have the proper legal documents set up. Luckily, New York is one of the select states that permits the enforcement of transfer on death deeds. So, without further ado, please read on to discover more about a transfer on death deed and how a seasoned Putnam County estate planning attorney at the Law Office of Andres D. Gil, PLLC can help you establish one.
What should I know about a transfer on death deed in New York State?
In its simplest terms, a transfer on death deed allows you, as a real estate property owner, to designate a beneficiary to inherit your property upon your unfortunate passing, without having to go through the probate process. Of note, New York State began recognizing this document as legally effective on July 19, 2024. With its relatively new legitimacy, you likely have not incorporated this deed into your estate plan yet. So, it is best to look into this option sooner rather than later.
That is, to establish a transfer on death deed, you must first be of a sound mental capacity to make this major decision. You must then confirm that you are the sole owner of this real estate property and therefore capable of taking such action. Once settled, you may sign this deed before two witnesses and a notary public. You may then record the deed in the clerk’s office in the county where your property is located. Ultimately, your designated beneficiary may get this property immediately upon your passing, subject to any liens or mortgages.
What are the major benefits of a transfer on death deed?
Aside from avoiding the emotionally draining, time-consuming, and costly probate process, there may be other benefits to establishing a transfer on death deed. They read as follows:
- You may benefit from the more straightforward and cost-effective process of setting up a transfer of death deed as opposed to a revocable living trust.
- You may benefit from a transfer of death deed bypassing Medicaid recovery for the outstanding costs of your healthcare.
- You may maintain complete control over your real estate property for the remainder of your lifetime.
- You may revoke this transfer on death deed at any point during your lifetime as you see fit.
While there are great advantages, you must also verse yourself on the significant drawbacks of this deed, which may be relevant to your given circumstances. In conclusion, a competent Putnam County estate planning attorney can help kickstart your plans today. Our team at the Law Office of Andres D. Gil, PLLC will happily take on your case.