A transfer on death deed is a special deed that allows an owner of Washington State real estate to create a property transfer that will occur on the death of the owner. The beneficiary named in the transfer on death deed automatically becomes the legal owner of the property when the owner dies. The owner does not have to go through the probate process which saves time and money. This also allows the owner to retain control over the property during their life without the consent of the beneficiary.
The deed must be signed, and your signature must be notarized and then the deed is filed with the county recorder’s office before your death, that way it will be validated. The person you name who will inherit the property will not have any legal right until after your death. It is a good idea to let the beneficiary know that they have been listed otherwise it may come as a surprise after your death. Since you have complete ownership over the property while you are alive, you still pay the taxes on it and you can sell it, give it away or mortgage it.
If you for some reason change your mind about who you want to inherit the property, you can change it. You can give or sell the property to someone else, leaving the property to them and without involving the beneficiary. If you have a will, it cannot be used to revoke a transfer on death deed. If the transfer on death deed is signed by spouses, it can only be revoked if both spouses agree. If one of the spouses passes away, the survivor may revoke the deed on their own.
These are just a couple of tips to keep in mind regarding a transfer on death deed. Here are DAL Law Firm, Attorney Darcel Lobo can help you discuss more the specifics of a transfer on death deed and if it is right for you. You can call or text us at (206) 408-8158. We look forward to helping you!