Critical Details About Oklahoma Transfer on Death Deeds
Transfer on death deeds should never be used as substitutes as wills. These documents can play an invaluable role in your Oklahoma estate plan, however, because transfer on death deeds let a property avoid probate, among other advantageous features. While many people are familiar with wills and he role that they play in estate plans, people are often confused about transfer on death deeds and how they function. How Do Transfer on Death Deeds Work? Transfer on death deeds let a person transfer ownership in a piece of real estate to someone else at the time of the property owner’s death. The beneficiary of a transfer on death deed is similar to the beneficiary of a will. A person can name a single individual or multiple people to inherit property through a transfer on death deed. Transfer on death deeds are revocable and a person can change the terms of a deed or even fully revoke it before the individual dies. A person must make sure to revoke a transfer on death deed in the same manner that the document was created. Reasons to Think Twice About Transfer on Death Deeds While transfer on death deeds are easy to create [...]