Those involved in estate planning with real estate they want to pass on should consider a transfer on death deed. Nebraska’s law allows individuals this option for allocating property to one or more beneficiaries after their death without going through probate first, which can help make a difficult time for your loved ones a little easier. The guide below explains this document in more depth.

What Is a Transfer on Death Deed?

This estate planning document allows you to designate one or more people to receive your real property once you pass away. If this property comes in the form of agricultural land, you can name one or more individuals to receive the land and, if you choose, designate others to receive the crops growing on it. When the transfer on death deed doesn’t state how to dispose of your interest in the crops, it passes to the estate.

What Does This Mean While You’re Still Living?

Beneficiaries under a transfer on death deed do not have a right to your property while you’re alive, so you can still mortgage or sell it if the need arises. If you have joint ownership of a house, the deed doesn’t apply until the last joint owner dies. Consider designating alternate beneficiaries in case the person you name cannot receive it or declines it.

Why You Need a Lawyer

An estate planning lawyer will ensure the deed is worded properly, and that it is filed with the correct clerk of court. If you change your mind, they will help you create a new deed and revoke the old one correctly.

When you want to prepare estate planning documents, including transfer on death deeds, David R. Webb, Attorney at Law is ready to provide legal advice and representation. Backed by more than 30 years of experience, he guides Lincoln, NE, residents through the complexities of wills and probate law inside and outside of the courtroom.  Visit his website for more information about his practice areas and call (402) 477-7577 to schedule a consultation.