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Do you have a Will and/or Living Trust?

by Carla Griffin on February 3, 2018

Are you aware that if you do not have a Will and/or Living Trust and you pass away, your property will need to be probated.
In June 2016, a new type of deed took effect in California: The Revocable Transfer on Death Deed (TODD) also called a beneficiary deed.    This is an alternative to a Will and/or Living Trust if your primary asset is your residence.   Transfer on Death Deed 
Important points to remember about the TOD deed:
     1.  All owners must fill out their own TOD deed.   This means that a married couple must fill out and record two separate TOD deeds.
     2.  Each form MUST be Notarized.
     3.  The TOD form must be recorded within 60 days of being signed and notarized.
     4.  The property description and your name must match the title documents EXACTLY.
     5.  You must list the beneficiaries by name and their relationship to you (spouse, son, daughter, friend, etc.)   A beneficiary does not have to be a relative.
     6.  The page of instructions is page 2 of the 3-page form and MUST stay with the form to be considered a complete document.
     7.  Take the completed form to the Santa Clara County Recorder’s office at 70 W. Hedding Street, First Floor in the East Wing.   There will be a recording fee so plan to take your check book.
You should speak to a professional advisor and/or attorney to determine if this is the best form for your individual situation.

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