An Overview of Georgia’s Transfer on Death Deed

Georgia’s Transfer on Death Deed – What Is It? How Does It Work As Part of Your Estate Planning and Asset Protection?

Let’s look at Georgia’s Transfer on Death (ToD) Deed…

The state of Georgia has a relatively new legal tool. This tool allows property owners to transfer real estate directly to a designated beneficiary upon their death. It’s called the Transfer on Death (TOD) Deed and came into effect July 1, 2024.

One major advantage of the TOD Deed is that it avoids the time and expense of probate. This makes it an attractive estate planning option for individuals with modest estates. It can also help prevent family disputes, since the beneficiary designation is clear and legally binding. A second major advantage is that the TOD allows owners to retain full control of their property while they are alive, giving beneficiaries a simpler way to inherit.

While a simple, cost-effective, and useful tool, it’s important to note that TOD deeds should be coordinated with a comprehensive estate.

This could allow one to avoid unintended consequences, such as disinheriting other heirs. Also, keep in mind that the TOD applies to real estate property only. Other assets like vehicles and financial accounts require different estate planning tools.

One limitation, while it may seem minor, requires the designated beneficiaries to take the following specific steps. Upon the owner’s death the beneficiaries must file an affidavit and the death certificate within the designated timeframe, to claim the property. Failure to do so can result in the property reverting to the estate and having to go through probate. Another limiting factor to keep in mind is that TOD Deeds do not protect property from creditors, and the beneficiary receives the property subject to any existing liens or mortgages.

Whether you currently have an estate plan or are ready to create one and would like to explore making the TOD part of your plan, give my office a call today at (470) 235-7868.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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