Planning for life is important, but keeping in mind, death, the day to leave, is also one of the vitalities of life. Humans work their lifetime, earn money, buy properties, and other stuff; every single being has the right to give their earnings to the ones they trust and the ones they want.
This is the job performed by any California Transfer on Death Deed Form. It allows the transfer of property to a new owner after the death of the previous owner. It is one of the simple methods for the transfer of any property owner.
What is Transfer on Death Deed in California?
The first transfer of death deed form was authorized in California on January 1, 2016. This form allows the non-probate transfer of property to any next owner. It is the easiest and low-cost method for property transfer under Division 5 of the California Probate Code.
Before California transfer on death deed form, there were only three known methods for property transfer after the owner’s death. These methods include:
- Joint tenancy or community property.
- Living trust.
- Will by the owner in his life.
Though these are verified methods, quite meticulous at the same time. Living trusts have been one of the most adopted practices, these work by transferring property to the trust accounts and used for welfare purposes.
In the case of a will, the property transfer is carried by the probate process and proper legal methods. The California transfer on Death Deed is undoubtedly the best replacement for all this mess.
Advantages and Disadvantages of California Transfer on Death Deed
The following are some of the highlighted advantages of California TOD deed.
- It helps protect your property from the probate court.
- It provides the least expensive alternative to your hard cash, bye to the legal fee.
- Even after the transfer, you’re still the owner of your property till your death.
- Overruling the advantages, are some drawbacks of this process.
- Your property will be exposed to probate processes if the heirs check out.
- In case of joint tenancy, despite being the owner, you cannot name the property to someone else until your co-owner, as well as transfers the property to that particular person.
Who Will Need a Transfer on Death Deed in California?
Anyone who wants a non-probate transfer of his property, this California transfer on death deed, is helpful for that person. It helps protect the property from probate until challenged by any successor of the former owner.
When and Why Do You Need a California Transfer on Death deed?
The California Transfer on Death Deed is one of the recently introduced property transfer methods that is verified legally. This is required by someone who wants to ensure the transfer of their property to their loved ones after their death.
What Is Included in California Transfer on Death Deed Form?
California Transfer on death deed form contains several traits making it distinct from other methods and making it a vital estate planning tool for California citizens. It is satisfactory and easy to adopt. The following information has to be included in a California Death Deed Form:
Details of grantor
In the first place, Insert the name and address of the property grantor.
List all the possible details of the property transferred by the California transfer on death deed. Mention the structure, agricultural, and type of property on the basis of location, commercial, or residential.
Fill in the Assessor’s Parcel Number of “APN” that can be located on a previous tax document.
Properly address the transfer, keeping in mind the legal methods. You must be over 18 in age for signing the contract and should be able to understand the results.
Highlight names of beneficiary and their relations with the grantor.
Name and contact details for the grantee should be stated on the California transfer on death deed form.
Acknowledgment by the notary public
The signed California transfer on death deed form should be notarized, dated, and recorded.
California transfer on death deed form is an inexpensive, easy, and non-probate process of granting property to your trusted and loved ones. It, therefore, allows citizens of California an alternative to keep their properties out of probate.
Farewell to those messy legal methods for making wills and all that fuss and hello to innovative methods for property transfer. CocoSign has got all the straightforward deed templates ready for your use. All you need is to fill in the required information and that’s it.