Property can be a tricky thing to deal with when a loved one passes in Nassau County, Hempstead, Hewlett, Valley Stream, Long Island, NY, and the surrounding areas. Many times, things need to go through probate, and this can take weeks or months. Instead, our team at the Law Offices of Aaron I. Katsman, P.C. can work with clients for a transfer on death deed where probate gets to be bypassed and the beneficiary immediately gets control of the property. And while this sounds like a great tool, it needs to be done properly, and this could also be a tricky situation if there are others who aren’t on the transfer on death deed that feel they should be. The person who owns the property still retains control of it until their death, so they can still change the title or revoke the transfer on death deed as well. Contact our team today to learn more about this useful tool to avoid probate and make property transfers much easier and faster.
Benefits of a Transfer on Death Deed
Many will wonder why someone would want to do a transfer on death deed, and there are several important reasons. Because this transfer of deed only happens upon the death of the person, it saves the heirs time and money from having to go through the trouble of doing a deed transfer after the person’s death. This option also allows the present owner of the property to maintain their property tax advantages as well as control of the property.
Just because someone has designated a beneficiary of the property does not cause any tax implications because the property hasn’t been transferred and the property owner still maintains control of it. Finally, the beneficiary will receive a ‘stepped up’ basis in the property, which will lower their capital gains tax if they sell the property at a later date.
Understands What Happens with the Transfer
While making property transfers easy upon the death of the property owner, it is important to understand that any existing liens or mortgages may also be the responsibility of the beneficiary. It is also a good idea to keep the transfer on death deed up to date, as if the beneficiary passes before the property owner, the property could still end up in probate. Having multiple people named as beneficiaries might sound like an ideal solution, but it may cause issues after the person’s passing as one party wants the property while another party wants to sell it.
Transferring title deeds upon the death of a loved one in Nassau County, Hempstead, Hewlett, Valley Stream, Long Island, NY, and the surrounding areas can be made much easier, however it is important to keep up to date with the details of the transfer on death deed. Our team at the Law Offices of Aaron I. Katsman, P.C. can help deal with these deed transfers and make sure everything is done properly for all parties. Contact us today to work with our attorneys for deed transfers.