A Transfer on Death (TOD) Deed, also known as a Beneficiary Deed, is a legal instrument that allows property owners in Oklahoma to transfer real estate directly to a named beneficiary upon their death, without the property having to go through the probate process. This tool provides a simple and efficient way to transfer real property while retaining full control and ownership during the property owner’s lifetime.
Key Features of a Transfer on Death Deed
TOD Deeds offer several key features, such as:
Ownership Retention: The property owner retains full ownership and control over the property during their lifetime. They can sell, mortgage, or otherwise deal with the property without the consent of the designated beneficiary.
No Immediate Transfer: The transfer of the property to the beneficiary only occurs upon the death of the property owner. The beneficiary has no rights to the property until that time.
Revocability: The property owner can revoke the TOD Deed at any time before their death. This can be done by filing a revocation document with the county clerk where the property is located or by creating a new TOD Deed that names a different beneficiary.
Avoidance of Probate: A TOD Deed allows the property to bypass the probate process, which can be time-consuming and costly. Upon the death of the property owner, the property is transferred directly to the beneficiary without court involvement.
How to Create a Transfer on Death Deed in Oklahoma
Once you decide that you want to pursue a TOD Deed, there’s a certain process you must follow. To start, you must draft a TOD Deed, specifying the property and naming the beneficiary. The deed must comply with Oklahoma state laws and include a legal description of the property. This must be signed in the presence of a notary public and recorded with the county clerk where the property is.
Advantages and Disadvantages
Just as with any option, TOD Deeds come with both advantages and disadvantages. The biggest advantage is the avoidance of probate, allowing for a quicker and more cost-effective transfer of property. You will also keep full control over the property during your lifetime and can revoke or change the deed.
On the other hand, a main disadvantage is that the beneficiary has no rights to the property during the property owner’s lifetime, as they only gain ownership upon the owner’s death. Additionally, the property transferred via a TOD Deed may still be subject to the deceased owner’s debts and creditor claims. Beneficiaries may need to address any outstanding liabilities. In any case, consult with an estate planning attorney to determine whether or not a TOD Deed is your best option.
Tulsa Estate Planning Attorneys
A Transfer on Death Deed is a powerful estate planning tool in Oklahoma that allows property owners to transfer real estate directly to a named beneficiary upon their death, avoiding the probate process. It provides flexibility, control, and simplicity, making it an attractive option for many property owners. Our team of estate planning and probate attorneys here at Tulsa County Lawyers Group can help you understand the process and ensure that you meet all requirements. If you need help, contact us today by calling (918) 379-4864 or reach us online for a consultation.
