Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

how to avoid probate using transfer on death deed

Author Message
sdoka

Guest







Post Posted: Mon Nov 13, 2006 4:50 pm    Post subject: how to avoid probate using transfer on death deed
Like 0
Dislike 0

I am in Ohio and wanted to know about the transfer on death deed and can it be used to avoid probate
Icon Mini Profile colin
colin
Moderator



Joined: 30 Jun 2006

Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
Post Posted: Mon Nov 13, 2006 5:02 pm    Post subject:
Like 0
Dislike 0

Hi Sdoka,

Yes Transfer on Death Deed can be used to avoid probate. It is a real estate deed with a provision allowing the property owner to transfer the ownership to a person designated in the deed after his death.

After the death certificate and an affidavit are filed in the Recorder's office the property gets transferred to the designated beneficiary.

The affidavit should:
  1. State that the owner of record is deceased,
  2. Identify the property,
  3. Name all beneficiaries who survived the property owner, and
  4. Name all beneficiaries who did not survive the property owner.

Colin
Icon Mini Profile blue
blue




Joined: 21 Oct 2005

Posts: 1131
Location: MARYLAND
138.04 Dollars($)
Post Posted: Mon Nov 13, 2006 5:14 pm    Post subject:
Like 0
Dislike 0

Hi,

Let me add that where there are multiple beneficiaries named in the deed, all the beneficiaries become co-owners and each get equal share in the property.

Also all the beneficiaries should agree to any sale, division or transfer of the property. And take the property subject to any liens or other rights of the creditors over the property.

Only those beneficiaries who survived the property owner are eligible to inherit the property. Therefore, you cannot specify a class of people, such as "my children" or "my lineal descendants, per stripes," as you can in a Will or trust.

Hope this information will be helpful to you.

Thanks
Blue

_________________
Lets help each other. Try my blog
sdoka

Guest







Post Posted: Mon Nov 13, 2006 5:24 pm    Post subject:
Like 0
Dislike 0

Thanks Colin and Blue for providing information about transfer on death deeds. It really helped a lot.
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
Post Posted: Mon Nov 13, 2006 10:57 pm    Post subject: RE: transfer on death deed
Like 0
Dislike 0

Hi Sdoka,

The Transfer on death deed or Beneficiary deed is applicable in seven states – Arizona, Colorado, Kansas, Missouri, Nevada, New Mexico and Ohio. The beneficiary named on the deed cannot get hold of the interest in the property until and unless the owner dies. The owner has the right to change the beneficiaries any time and for any reason.

For more information on Beneficiary Deed , refer to a previous discussion.

Thanks,

Sara
Dowe

Guest







Post Posted: Thu Apr 05, 2007 3:03 pm    Post subject:
Like 0
Dislike 0

where can I get a transfer on death form to be used in ohio...
Icon Mini Profile miller_st
miller_st




Joined: 17 Jan 2007

Posts: 918

168.95 Dollars($)
Post Posted: Thu Apr 05, 2007 3:07 pm    Post subject:
Like 0
Dislike 0

Hi Dowe,

You will get the format of a TOD form on this page, http://codes.ohio.gov/orc/5302.22

Miller
jj

Guest







Post Posted: Sun Mar 08, 2009 12:23 pm    Post subject: Medicaid, bene, TOD
Like 0
Dislike 0

If there is a Medicaid claim in which all the money due is available in the estate checking accout, does any money have to come out of the house from a TOD? Does the beneficieries in the will have a right to claim funds from the selling of the house in which they were not benefiecieries on the TOD?
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.221 seconds.