Can you make your home transfer on death?
Transfer on Death (TOD) is a method to avoid probate on bank accounts. To avoid probate on real estate, use a lady bird deed a/k/a enhanced life estate deed or a living trust.
Attorney Tom Olsen: Ralph you're on News 96.5, go ahead.
Ralph: Oh, I got a quick question about whether it's possible in the state of Florida to set up your house with transfer on death to your beneficiary.
Attorney Tom Olsen: Okay, so TOD transfer on death also known as POD, payable on death, those are terms that we use for avoiding probate on bank accounts. Checking, savings, CDs money market accounts etcetera. If you make those accounts POD or TOD for your kids and you pass away, the only thing your kids will need to do is to show the bank or credit union or investment company your death certificates and they will turn the money over to them, no probate required.
We do not use POD or TOD on real estate or deeds. In fact, we use a different tool called a Lady Bird deed also known as enhanced life estate deed. That is a deed that you will use to avoid probate on your home, Lady Bird deed or enhance life estate deed, to avoid probate on your real estate. It could be your home, could be your beach condo, could be your investment property, could be your-- They can put land and it can work even if you have a mortgage on your property. Yes, you can still use the Lady Bird deed.
Now, if you want some free information or free booklet on Lady Bird deeds as a tool to avoid probate on real estate in Florida, all you have to do is to call or text Chrissy, give her your name and your mailing address. She won't need to call you back she'll just put that booklet in the mail to you. That booklet on easy ways to avoid probate on real estate in the mail to you, you call or text Chrissy 407 808 8398.
If you want a booklet on easy ways to avoid probate on real estate call or text Chrissy 407 808 8398.
Attorney Tom Olsen: Hey, thank you for calling, we appreciate it Ralph. Anyway, thanks for your great calls a question to do, so much appreciate. If I made a suggestion for you, go outdoors and take pleasure in a beautiful nature and as always enjoy your friends and family. My name is Tom Olsen the name of the show is Olsen Law. You're listening to news 96.5