Passing Down Real Estate?

Passing Down Real Estate?

Talk to a lawyer in Park Ridge, IL about transfer on death deeds

If you own real estate that you want to pass on to a loved one, you should set up a transfer on death deed. This deed will make sure that the property goes to your beneficiaries when you pass-rather than staying in limbo while your loved ones go through probate. To learn more, call Helen Barrett Fanning, Attorney at Law to speak with an estate planning lawyer.

3 things you should know about transfer on death deeds

Often times, people pass on with only their home as their major asset. A Will does not avoid the probate process. Setting up a transfer on death deed is an eaay way to make sure that your home goes to the people you love without delay in the event of your death. Before you incorporate a transfer on death deed into your estate plan, there are a few things you should know:

  1. As the name implies, transfer on death deeds can only go into effect after you've passed away.
  2. The deed can be modified at any time prior to your death. You can add or remove beneficiaries whenever your circumstances change.
  3. The deed does not payoff your mortgages and the beneficiaries will need to payoff or refinance the mortgage upon your death.

An estate planning lawyer can help you decide if a beneficiary deed makes the most sense for you and your situation. Call Helen Barrett Fanning, Attorney at Law in Park Ridge, IL today.