Saturday, March 26, 2016

The New Revocable Transfer On Death (TOD) Deed - Must Be Good Because Estate Planning Attorneys Hate It


    California has long provided free Estate Planning tools such as the Statutory Will, Durable Power of Attorney and Advanced Healthcare Directive.  When it came to real property however, the only Do-It-Yourself option to avoid Probate was to make a lifetime gift and put your beneficiary on title with you as a Joint Tenant.  As it is not always ideal to have a beneficiary on title with you during your lifetime, California has now given us a great new tool.

    The new Revocable Transfer On Death Deed allows for you to designate a beneficiary for your real property and when you die it will pass to them and avoid Probate.  The Estate Planning community hates this as it will eliminate the need for any formal Estate Planning for many, many Californians, and so they have already come up with they typical laundry list of problems with these new Deeds - and they will inevitably try to convince people not to use them.

    However, I have probably talked to hundreds of Californians where this would have been all the Estate Planning they needed, in addition to the simple free forms mentioned above.  Sure, if you have problems with creditors or a more complex situation this is not for you.  But if you just have 1 or 2 beneficiaries and you want them to get your property this is certainly a viable option.

The Tonkovich Law Firm assists clients with Estate Planning, Wills, Trusts, Durable Powers of Attorney, Conservatorship and Contested Probate Procedures and Business and Real Estate Litigation in Irvine, CA as well as El Toro, Aliso Viejo, Lake Forest, Laguna Hills, Tustin, Newport Beach, Santa Ana, Newport Coast, Ladera Ranch, Foothill Ranch, Mission Viejo, Laguna Woods, Corona Del Mar, Silverado, Orange, Laguna Beach, Rancho Santa Margarita amd Fountain Valley in Orange County.

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