Articles Tagged with Deeds

john-oliver-cabin-1212564-639x427-300x201“In the coming decades, baby boomers in the U.S. are expected to transfer an estimated $30 trillion in assets to subsequent generations. For many families in Minnesota, that will include the family cabin.”

One of the key markers of summer in many areas is crowded roads, as folks head out of the city to their summer retreats, like the Outer Banks of the Carolinas or the Berkshire Mountains. They know it’s summer in Minnesota, when the roads are filled with families headed to lake cabins. The tradition may not last another generation, according to MinnPost’s in “The uncertain future of cabins in Minnesota.”   Continue reading

tod-300x168There are many estate planning tools available in Wisconsin to individuals who want to transfer property without going through the formal probate process. One such tool is a transfer on death (TOD) deed. As the name suggests, this is a deed to real property that names a beneficiary who becomes owner upon the original owner’s death.

A TOD deed allows the real property to pass outside of probate, similar to how a named beneficiary receives a retirement account or other asset with a payable-on-death beneficiary designation. Keep in mind, however, that the beneficiary has no ownership rights under a TOD deed until the owner dies. The owner is free to amend or revoke a TOD deed at any point during his or her lifetime. Continue reading

Caution: Writing Your Own Deed to Avoid Probate Can Lead to Unintended ConsequencesAssetProtection

One common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. This is accomplished by adding the names of the children and certain legal terms to a new deed for the property and then recording it in the applicable public land records.
Many people believe that they do not need to pay an attorney to help them prepare and record the new deed. Instead, they think that a deed form can simply be downloaded from the internet or obtained from a book that can then be easily filled out and recorded. But deeds are in fact legal documents that must comply with state law in order to be valid. In addition, in most states, property will not pass to the other owners listed in a deed without probate unless certain specific legal terms are used in the deed.

How is a Defective Deed or an Invalid Deed Corrected?

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