TRANSFER ON DEATH DEEDS
A Transfer on Death Deed (TOD Deed) allows New Mexico property owners to designate one or more beneficiaries who will receive real property upon the owner's death without the need for probate.
A properly prepared Transfer on Death Deed can be an effective estate planning tool for individuals who wish to simplify the transfer of real estate to family members or other beneficiaries.
BENEFITS OF A TRANSFER ON DEATH DEED
A properly prepared TOD Deed can:
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Avoid probate for real property
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Preserve your ownership rights during your lifetime
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Allow you to sell, mortgage, or transfer the property without the beneficiary's consent
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Permit you to revoke or modify the deed at any time before death
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Allow beneficiaries to receive property more efficiently
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Simplify estate administration
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Reduce costs associated with transferring real estate after death
Is a Transfer on Death Deed right for you?
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Transfer on Death Deeds are commonly used by:
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Homeowners
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Individuals with rental or investment properties
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Parents wishing to transfer property to children
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Individuals seeking to simplify estate administration
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Property owners who want to avoid probate for real estate
While a TOD Deed can be an excellent planning tool, it is not appropriate for every situation. Factors such as multiple beneficiaries, existing mortgages, family circumstances, probate considerations, and other estate planning goals should be evaluated before preparing the deed.
WHY USE AN ATTORNEY?
A Transfer on Death Deed must be properly drafted, executed, and recorded to be effective.
Errors in the legal description, beneficiary designation, execution requirements, or recording process can create title problems and may prevent the deed from accomplishing the owner's goals.
Our attorneys help clients determine whether a Transfer on Death Deed is appropriate for their circumstances and prepare documents that comply with New Mexico law.
RELATED SERVICES
Clients interested in Transfer on Death Deeds often also need assistance with:
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Powers of Attorney
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Deed Preparation
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Affidavits of Death
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Probate Property Transfers
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Real Estate Contracts
Contact
If you are a landlord, property owner, or property manager and need assistance with an eviction, lease enforcement, or other landlord-tenant matter, contact Whittaker Law, LLC.
Whittaker Law, LLC
6300 Riverside Plaza Ln NW, Suite 100
Albuquerque, NM 87120
Phone: (505) 750-1367
Email: info@whittakerlaw.net