Have you heard the good news?
As of July 1, 2013, the Commonwealth of Virginia adopted a new (and relatively inexpensive) tool for real estate owners to aid in their estate planning!
This new tool is called a “Transfer on Death Deed.” Although it is usually advisable for any person to have a formal Last Will and Testament, Virginia law now allows real estate owners the opportunity to use a type of deed that will transfer an owner’s real estate immediately upon their death – without the need for a will or probate.
When done properly, a Transfer on Death Deed does exactly what its name implies, it transfers an owner’s real estate by operation of law to the people named in the document only after the owner dies. It is an incredibly flexible tool that allows for the owner to decide who should inherit their real estate, while still retaining full ownership rights during their lifetime. The owner can even revoke the deed should he change his mind, or in the event of other unforeseen circumstances.
However, be advised, a lawyer should be consulted about the possible ramifications of any such deed and, of course, to be sure that the Transfer on Death Deed is prepared and properly recorded in the land records.
Feel free to contact the lawyers of Miller Walsh & Kutz PLLC to discuss taking advantage of this unique estate planning tool. Our attorneys are well-versed in real estate and estate planning law. We look forward to serving you.