Key Takeaways:
- Georgia’s new TOD deed law, effective July 1, 2024, introduces complexities and potential legal challenges.
- Property owners retain control, but the process has strict compliance and timing requirements.
- TOD deeds may not suit every estate plan, potentially complicating the intended straightforward inheritance.
Georgia’s new TOD deed legislation, effective July 1, 2024, may complicate estate transfers and create unforeseen challenges for property owners and beneficiaries alike.
What is a Transfer on Death (TOD) Deed?
A Transfer on Death Deed (TOD Deed) allows Georgia property owners to pass real estate to beneficiaries without probate. This means your heirs can inherit your home seamlessly, avoiding court delays and costs.
Is a TOD Deed Available in Georgia?
As of July 1, 2024, Georgia now permits TOD deeds, joining many other states that offer this probate-free transfer option. This law simplifies estate planning and is a powerful tool for homeowners.
How Does a TOD Deed Work in Georgia?
- The owner signs a recorded TOD deed, naming beneficiaries.
- The owner retains full control during their lifetime.
- Upon death, the property automatically transfers to the beneficiary.
- The process avoids probate, saving time and money.
TOD Deed vs. Other Estate Planning Tools
- TOD Deed vs. Will: A will requires probate; a TOD deed bypasses it.
- TOD Deed vs. Joint Tenancy: A TOD deed doesn’t require co-ownership.
- TOD Deed vs. Trust: A TOD deed is a simpler and cheaper alternative.
Who Should Consider a TOD Deed in Georgia?
If you own property and want to ensure a smooth inheritance process for your heirs, a TOD deed could be the best option. It works well for homeowners who:
- Want to avoid probate
- Prefer an easy, low-cost estate planning tool
- Want to retain control of their property during their lifetime
How to Create a TOD Deed in Georgia
- Draft a legally valid TOD deed with the correct legal language.
- Sign the deed in front of a notary public.
- File the deed with the county recorder’s office where the property is located.
FAQs
Can I revoke a TOD deed?
Yes, a TOD deed can be revoked at any time before death.
Does a TOD deed affect my mortgage?
No, it does not trigger a due-on-sale clause. The owner remains responsible for payments.
Do beneficiaries need to do anything?
Upon the owner’s passing, the beneficiary records the death certificate to claim ownership.
Why Choose Hurban Law for Your TOD Deed?
At Hurban Law, LLC, we help Georgia homeowners create secure estate plans. If you’re considering a TOD deed, we provide expert legal guidance to ensure your wishes are protected.
Contact Us Today to discuss how a TOD deed can work for you!
