Real Estate 411 for (805): T.O.D. vs Trust when transferring real estate.
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- Опубликовано: 15 окт 2024
- Which is better? What's the difference. What the hell is a TOD?🤔
Your questions answered here.
Here's a general form you could use. saclaw.org/wp-...
#transferondeath #conejovalleyrealestate
Perfect. everything else i did myself. dmv got new titles and added adult kids for $17.50 vs probate fees
Definitely easier than most people think. Good work.
Have you considered one day we all become vulnerable and that’s when 99% of the work is done to avoid the inheritance hijackers crawling out of the woodwork to steal it. Our sibling stole ours with a change to this simple plan. So our kids get the Traditional Law Model. With the NICER Advisors, Advocates, Mentors, Monitors, and Referees to validate and certify no one steals it as easy as you did to open the door to Trust Forgers, Will Counterfeiters and Estate Plan embezzlers. Who steal our homes and put our families on the street because we practice law without a license and don’t install a service team to carry through on the easy to change plans.
A problem with a T.O.D. is that people do not always die in the expected order. Also, a trust can provide a delay in distribution if the recipient is in jail, in the middle of a divorce, or has become disabled.
In California, another problem is that if more than one child receives the property and one child wants the property, child A buying out child B will trigger a property tax reassessment.
Thank you for the information.
Quick question: What happens if I have a will and then create a TOD certificate.
Which one will be honor?
Hey there. Great question. I believe the the TOD will supersede the Will, but to be sure, I have reached out to my RE attorney to find out for sure. I will reply once I get a response.
Hi again. I spoke to my RE attorney and got this response. I hope it helps answer your question:
"Great question…if a person makes a will, or even records a prior TOD that leaves the property to someone else, the recoding of a new TOD deed will override it. But the answer would be different if the property was put into a trust, e.g., the property would have to be transferred out of the trust and back into the name of the owner for a TOD they sign would be effective."
Thank you. How do you fill the address part of the TODD? We did one with my dad's property and put the physical address (street and numbers) and it was not honored.
Call the county recorders office and ask for the accurate description. That is why
It has to be in a specific lingo. I guess for legal purposes
Would T.O.D. also do step up on basis for inheritor?
Are you asking if the tax base would change for the person inheriting the property if a TOD were used?
Great question @sureshbaral1970, I am wondering the same thing! Hoping there IS the "step-up in basis" for the acquiring owner! Not sure if the question will be answered on here or not though!
@@dbdouglas there’s a lot that goes into that answer. One part being what state the property is in. It’s definitely a question for a lawyer/tax professional, with lots of variables that go into formulation and answer. Please, consult a professional to find out what your situation is.
Tod means bush in the weeds. Why not use what tod means .
Do I just go to the county courthouse and ask for a T. O. D. Certificate? That would be awesome if that’s all I have to do. Thanks
If you live in California, you can follow the link in the video text and download the page. Then take that to the county recorders office in the county the property is located to have it recorded
@@livinginthousandoaks3992 I’m in Wisconsin, but thanks for the reply
@@livinginthousandoaks3992 are their creditor implications after death for TOD deeds?