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In September of 2015, Texas added a chapter on Transfer-on-Death Deeds to the Texas Estates Code. Aptly named, these deeds allow a person to transfer real estate to a beneficiary upon his or her death. They are also sometimes just referred to as “Beneficiary Deeds.”
Transfer-on-Death Deeds allow an individual to retain control of his or her property during his or her lifetime. He or she can use the property, rent it, or even sell it. But, if at the individual’s death, he or she still owns the property, then the property will transfer according to the terms of the deed.
Five Things To Know About Transfer-on-Death Deeds:
A Ladybird Deed, or an Enhanced Life-Estate Deed, is similar to a Transfer-on-Death Deed, but there are a few important differences. Unlike the Transfer-on-Death Deed, the Ladybird Deed is not specifically authorized by Texas statutes. A Ladybird Deed does not have the same restrictions that the Transfer-on-Death Deed does, but it also does not offer the same protections.
To determine if either of these deeds would be right for you and your estate plan, contact us to set up a consultation. Our Attorneys will discuss these two deeds options and help you determine which (if any) would fit your estate plan.