Methownet BB

Hello!

I recently filed a Transfer On Death Deed and when talking about it with others, it seems that many people don't know it so I thought I would share.

A Transfer On Death Deed is a document that you file with the county that transfers your property to whom you designate, outside of your will. It takes it out of probate and transfers it directly to them.

So...easier and cheaper than a trust, they get immediate control after death (which makes things sooo much easier for them), and it takes it out of probate so you save money.

It costs about $300 and change to file depending on how many pages you have to file.

I am happy to share what I know about it and how to file if anyone has more questions. Note: I am not a lawyer or anything like that. Just a lay person sharing some of the cool stuff I found out about.

Hope this helps and that everyone has a good day!

-Tink

Is this something you do online or do I need a lawyer or someone's else? Thanks

You can totally do it yourself.

There is a layout/information needed that you have to follow along with the legal description of the property. Then you get it notarized and then file it with the Okanogan County Offices. That's it.

Give me a call and I can share a copy with you to follow.

-Tink
775 9oh1 ten47

Thats how Harold and I handled the ranch. You just take in a death certificate and the property is put in your name. There is a hitch if you have geezer taxes. You only realize one half instead of the whole shot when you both are on the deed,

This may not be simple if there are any creditors of the deceased. That's what probate is for. Also, this is not a warranty deed. There is no protection like from title insurance.

With property appreciated so much, there may be state estate taxes due even if no federal estate tax.

You should read up about these deeds before jumping in, and maybe consult with a lawyer if there are any uncertainties.

RandySea: The creditor issue has not been a problem in my experience. Transfer On Death (TOD) is independent of probate and will likely happen much faster than probate. In my case, the decedent had significant debt to their name and the TOD happened immediately anyway.

For both real property and financial accounts they will transfer immediately upon proper notification regardless of any creditors of the estate.

The 'proper notification' is probably going to be something like a certified copy of the death certificate.

When I say 'creditors of the estate' I do not necessarily include any liens or mortgages on the property being transferred. That is different from the situation I was in. My guess is the transfer will still happen but the mortgage or lien is still enforceable.

The estate tax in Washington is for gross assets in excess of (around) $3,000,000.

This is getting too close to giving legal advice for me to comment further.

This would seem to be a good topic for the Methow-at-home group to cover especially for senior citizens.