One of the most thoughtful gifts that you can give to your heirs is to carefully plan your estate to avoid probate. And one of the simplest ways to convey your home, which is likely one of your most valuable assets, is by using a transfer on death deed. Doing so keeps your home out of probate, which can be a long, expensive, and emotionally draining experience for your heirs. Many states, including Kansas, have passed laws allowing for transfer on death deeds to be implemented. In this blog post, we’ll discuss what a transfer on death deed is, how it works, and the ways to use it.
Kansas Law: Transfer on Death Deeds & Estate Planning
First, let’s define what a transfer on death deed is. It is a legal document that transfers ownership of an interest in real estate to a designated beneficiary upon the death of the owner. A transfer on death deed must be signed by the owner of the property, notarized, and recorded at the proper Register of Deeds office. A transfer on death deed must be created before the owner’s death and cannot be changed after death. At Evans & Mullinix, P.A, we prepare these types of deeds as a part of a simple and cost-saving approach to estate planning.
How to Transfer a Death Deed
Next, let’s discuss how a transfer on death deed works. It does not take effect until the owner passes away. Until that time, the owner has full control of their property and can sell or mortgage it, or even change their mind on who should receive the property. Once the owner passes away, the beneficiary of the transfer on death deed will inherit the property without going through probate. If multiple beneficiaries are named, they will inherit the property in the proportions described in the deed.
Transfer on death deeds are simple and inexpensive with the help of a professional. While they are not designed to transfer other assets like stock, bank accounts, or investment accounts, there are similar means of ensuring that probate is not necessary for those assets, either. Experienced attorneys at Evans & Mullinix P.A. can help you with a thorough evaluation of your estate planning needs. Appointing beneficiaries on accounts or special registrations for stock are just a few options that we can suggest and assist you with during that evaluation.
Contact Evans & Mullinix, P.A. for Assistance on Transferring a Death Deed
Evans & Mullinix, P.A attorneys have helped owners successfully use transfer on death deeds for many years. We have saved countless families money, and more importantly, allowed them to get the assets they want to the people they want without the burden and expense of probate. Using an experienced estate planning attorney is the best way to ensure that your last wishes are followed. Call 913-962-8700 to set up an appointment today. Let us provide you with the peace of mind knowing that your hard work will benefit those that you love.
