Flexible Estate Planning: Transfer on Death Deeds and Joint Tenancy Explained
Hi, I’m Oklahoma estate planning attorney Meg Prestidge and today I want to talk to you about the difference between transfer on death deeds versus joint tenancy ownership in Oklahoma. Both a transfer on death deed provision and joint tenancy ownership are recognized methods of transferring assets.
Joint ownership involves two or more individuals who have an equal ownership interest in the targeted asset, such as your home, real estate property, or oil and gas minerals. Upon the death of one owner, the surviving owner inherits the deceased joint tenant’s portion, thereby avoiding probate.
Transfer on Death Deed Explained
A transfer on death deed, on the other hand, allows an asset owner to name a beneficiary who will receive that asset upon the owner’s death. This method also avoids probate; however, the beneficiary does not have any ownership interest in that asset until the owner’s death.
The nice thing about a transfer on death deed is that you do not have to notify the party to whom you wish that asset to be transferred. You can set up a transfer on death deed, have it recorded in the county in which you live, and decide to sell that property at any time.
Revocability and Estate Planning
Additionally, you have the right to revoke a transfer on death deed, making it a flexible estate planning tool. This flexibility is crucial for those who want to ensure their assets are transferred according to their wishes without unnecessary complications.
If you would like to discuss this and other ways to avoid probate, feel free to reach out. Estate planning is an important step in securing your legacy and ensuring peace of mind for you and your loved ones.
Schedule a Low-Cost Consultation
Don’t hesitate to contact an Oklahoma City attorney at theoklahomacityattorney.com or call 405-888-5400 for a low-cost consultation. Let’s explore the best options for your estate planning needs today!
