Transferring Real Property Without Probate - Saving You Time, Money, and Hassle
The primary goal of Estate Planning is to get all of the client’s property into the right hands in honor of their wishes. Another goal is to make those transfers happen efficiently, paying attention to both the present cost of planning and the future cost of effecting the transfers.
An important tool we use to help clients transfer Real Property is the Transfer on Death Affidavit (“TODA”). This is a document, that, like a deed, is filed with the County Recorder. It specifies that upon the death of the owner, the described real property should be transferred to a particular person or entity. The TODA achieves the first planning goal simply by describing the property and naming the beneficiaries. But it is also very efficient, being relatively inexpensive to set up and also inexpensive to use when that time comes.
The TODA really shines when compared to using a Will for the transfer of real property. Though Wills are commonly used, the process of administering a Will through the Courts, which is called Probate, can take 18 months and cost your heirs as much as 8% of the value of your real estate due to executor fees and attorneys’ fees.
For the average Cleveland-area home, Probate can cost your heirs as much as 10 times the cost of having Yourkvitch & Dibo draft a TODA now. That’s money we can save for your loved ones. For these reasons, we really like to use the Transfer on Death Affidavit, whenever appropriate, to save our clients and their heirs time, money, and hassle.