Want to impress your family members with a money-saving tip they might not know about this Thanksgiving?
While I don’t personally recommend talking about End Of Life Scenarios around the extended-family-dinner-table, I think my favorite estate planning document is a safe topic.
In Ohio we have something really cool called a Transfer on Death Designation Affidavit. While the name is long and confusing, the actual document is incredibly simple. This is a way our State has allowed us to name beneficiaries on real estate.
On your bank account (hopefully) you’ve named a Transfer on Death beneficiary who gets your money after you pass away. This keeps it out of probate court and saves loads of time and money.
Likewise, you can name a beneficiary on your home. It must be filed with the Recorder’s Office just like your Deed was, and it has to be executed correctly and contain the correct language, BUT once it’s signed, notarized, and filed, as long as you own the house you have a beneficiary on it.
Own your house jointly with right of survivorship? The Transfer on Death designation doesn’t kick in until the second of you passes away. Your heirs still get the step-up basis for tax purposes, but none of the hassle of court involvement.
What does this document cost, that saves thousands of dollars and months of time? Only about $200, all fees included.
Know anyone who might be interested in learning more? Send them my way: http://www.calendly.com/galleslawfirm/peaceofmind