When you are wanting to keep your real estate out of probate, you could be weighing the pros and cons of utilizing a transfer on death deed instead of a revocable living trust.<\/p>\n
Transfer on death deeds (occasionally also referred to as a beneficiary deed) has a much more limited concentration than a living trust. A TOD deed can designate a beneficiary to inherit your real estate when you pass away, whereas a living trust can designate beneficiaries for many other kinds of property too (such as financial institution accounts and tangible belongings). Below are a couple factors to take into account if you’re trying to choose between transfer on death deeds and living trusts.<\/p>\n
Why not utilize a will? You can certainly utilize a will to leave your real estate behind to loved ones, but a will is not going to bypass probate. Typically, property you are leaving behind with a will is going to enter probate proceedings. Probate is costly and time consuming, so a lot of people are anxious to avoid it, particularly when it comes to a considerable asset such as real estate.<\/p>\n