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Avoiding probate can save families time and money on estate planning processes. Along with trusts and joint tenancy, transfer on death deeds are another method of sidestepping probate that may be useful to estate planners in New Mexico.
Walk-In Wills is here to help with this and other estate planning processes. Our attorneys have extensive legal knowledge on wills, trusts, and probate, and we’re happy to pass along our knowledge to our clients.
In most cases, property is subject to probate upon the owner’s death. Rendering property non-probate keeps it from passing through the court, which can be a costly and extended process. Transfer on death deeds are relatively simple, usually only being about one or two pages. These documents state which beneficiaries should receive property upon the owner’s death. At that point, the death certificate is filed with the county where the deed was filed. Transfer on death deeds can be changed or cancelled at any time before a person dies.
While it typically depends on the state where they’re being filed, most transfer on death deeds must provide the same information as the original property deed. They must also include the names of the beneficiary or beneficiaries who are supposed to receive the property.
The deed must be signed and notarized in most cases. They must also be recorded in the proper county where the creator resides. Once the property owner dies, beneficiaries will record the death certificate in the same county location to assume ownership of the property. If there is any debt or liens associated with the property, the beneficiary will also assume those obligations.
Transfer on death deeds can be changed by creating a new document and placing it within the county records office. They can be revoked by filling out a revocation form and filing it in the same location. When creating a deed, make sure there is language that points to the previous document being revoked.
While transfer on death deeds are relatively simple and straightforward, it’s still recommended that you receive professional legal assistance when creating your document. Walk-In Wills is here to provide that assistance, with affordable rates and a comfortable office experience.
Schedule a free consultation today by calling (505) 903-7000.