A Transfer on Death Deed in Oklahoma Estate Planning is an instrument to transfer or convey real property upon the death of the owner. This allows the owner to transfer their home upon death. They do this without the need of an Oklahoma will or intestate distribution. People have different reasons for using Transfer on Death Deeds in lieu of a Will or a living trust. The goal may be to avoid probate and not pay attorney fees to transfer title of your property to the people you have already decided should get your home.
Benefits of Transfer on Death Deed
Here are a few reasons why someone would want to use this transfer tool:
- Ownership does not legally vest in the grantee until the death of the grantor.
- The deed is revocable at any time until the death of the grantor.
- A transfer on death can avoid the necessity for probate proceedings.
- The creation of a transfer on death is relatively inexpensive.
In addition, Oklahoma estate planning now has a statutory form for Transfer on Death Deeds. This prevents any potential ambiguity in drafting the deed. The statutory form, known as the Non-Testamentary Transfer of Property Act, sets out clear language of intent at the time of the grantor’s execution.
Procedure for a Transfer on a Death Deed
There are a few requirements that must be met for a Transfer Deed to be successfully transferred to the grantee. First, the Transfer on Death Deed must be filed before the death of the Grantor, or owner of the real estate. Second, the Grantee must file a notarized affidavit within nine months of the record title owner’s death. If it is not filed within nine months, the property will be distributed according to the Grantor’s Last Will and Testament if they had a will. Filing this paperwork is a simple task, but it is crucial that it is done in a timely manner.
Estate Planning Attorneys in Tulsa
Our office helped countless clients with their Estate Planning needs. This includes wills trusts probate a transfers of deeds. Estate planning in Oklahoma doesn’t have to be so hard. If you’ve got questions related to probate and wills and trusts we can help. You don’t have to call an out of state attorney or do on line chats that leave you unsure if the estate plan you’ve mage will stand up after you pass away. Call 918.743.2233 for a free consultation with a Tulsa lawyer.