Understanding Georgia’s New Transfer on Death Deed: A Game-Changer for Estate Planning
In July of 2024, Georgia introduced the Transfer on Death (TOD) Deed, a powerful tool that can simplify property transfers upon death without the need for probate. At Jenkins Law Firm, we’re excited to help our clients incorporate this innovative option into their estate planning strategies or use it to make updates to their property deeds efficiently and securely. TODs have been used in other states for many years but this new estate planning tool has pros and cons. Let’s get into a few of these.
What Is a Transfer on Death Deed?
A TOD Deed allows property owners to name a beneficiary who will automatically receive the property upon the owner’s death. Most Georgians hold property that would have to be sorted out through the probate process even if they have a Will. Unlike traditional property transfers, the TOD Deed:
PROS:
- Does not require the property to go through probate IF the necessary conditions are met.
- Allows the owner to retain full control of the property during their lifetime, including selling, refinancing, or even revoking the deed.
- Provides a straightforward, cost-effective way to pass on property to heirs.
- CONS:
- May not allow the family to forego probate if other probate property exists
- Could allow the wrong person to receive ownership of property even if relationships change (divorce or break-up)
- Requires an change or revocation to be filed with the Deed office.
- Is a new device that has not been tested in court (yet).
Making Changes to Your Deed with a TOD Deed
The TOD Deed can also simplify updates to your property ownership. Whether you want to add a beneficiary, change an existing one, or revoke the TOD designation altogether, the process is straightforward and legally sound when handled by an experienced attorney.
How Jenkins Law Firm Can Help
At Jenkins Law Firm, we understand the intricacies of Georgia’s property laws and are here to help you make the most of the TOD Deed. Our services include:
- Drafting TOD Deeds: We ensure your TOD Deed is legally compliant and tailored to your wishes.
- Estate Planning Integration: We work with you to incorporate the TOD Deed seamlessly into your overall estate plan.
- Deed Updates and Modifications: If you need to make changes to an existing deed or revoke a TOD designation, we guide you through the process with ease.
- Legal Advice and Strategy: We provide expert advice on whether a TOD Deed is the right solution for your unique situation.
Start Planning Today
Georgia’s new TOD Deed offers a unique opportunity to simplify property transfers and enhance your estate planning. Whether you’re planning for the future or making immediate changes to your property deed, Jenkins Law Firm is here to help. Contact us today to schedule a consultation and take the first step toward greater peace of mind.
