Transfer On Death Deeds
An experienced estate planning lawyer is ready to meet with you
Many people plan on giving their home or other real estate to family members when they die. One way to do that is through a last will and testament. Wills must go through the probate process, however, which can be lengthy and expensive. In Hawaii, Hongo Law Office, LLLC can help you arrange for the transfer of real estate through a Transfer on Death Deed.
Attorney Yuka Hongo knows what can happen when someone dies without an estate plan. She helps people in Japan and Hawaii prepare for the future through effective and appropriate estate planning. Our clients have found her experience, legal knowledge, bilingual skills and understanding of both Japanese and American culture helped make the process easier.
A simple method of transferring property to a loved one
A Transfer on Death Deed (TODD) is a way to transfer property to another person after you die. This property can be any type of real estate – for example, a house, building or land. It does not apply to other types of property, such as jewelry or antiques. If you are a joint owner of a property, you can transfer your interest to another joint owner, or someone else.
After you die, your property passes to the beneficiary (or beneficiaries) you named in the TODD. The beneficiary simply has to file an Affidavit of Death in the deed records, ensuring clear title to the property.
There are several advantages for using a TODD to transfer real estate. Your family can avoid probate and all the costs and delays that come with it. You also keep ownership of the property during your life, which means you can sell the property, make changes to it, rent it or use it as collateral for a loan.
A TODD allows you to name any beneficiary you choose, or more than one. You also have the option of naming a contingent, or alternate, beneficiary. If the beneficiary you name dies before you do, ownership of the property would be transferred to the contingent beneficiary you choose.
Part of an overall estate plan
You can file a TODD even if you are still paying the mortgage on the property. After you die, your beneficiary becomes responsible for making any outstanding payments, as well as taxes and other related expenses. A beneficiary also becomes responsible for any liens or other creditor claims against the property.
Attorney Hongo can guide you through the process of filing a TODD every step of the way. She can also meet with you to discuss the creation of a comprehensive estate plan that accounts for all of your assets. She can review your financial situation, discuss your goals and help you create a plan that meets your needs.
Learn more about how our firm can help. Attorney Hongo is happy to meet with you to discuss a TODD and answer any questions you have. You can contact us to schedule a consultation at our Honolulu office. Attorney Hongo can also meet with clients in Japan, which she visits typically twice a year.