Our attorneys are frequently asked by their clients how they can leave real estate to another person without doing so in a will or in a trust.

In Oklahoma, the answer to this question is frequently to use a “Transfer On Death Deed”. A Transfer On Death Deed is a special kind of deed which a person can execute and record in the county land records to leave property to another person, or fractional interests to multiple people, which is only effective on the grantor’s death.

Until the property owner dies, the deed can be cancelled or changed by them if he or she changes his or her mind or develops a different plan for the property. The property owner can still sell or mortgage the property even though he or she has recorded a Transfer On Death Deed.

Protect Your Real Estate During Your Lifetime

Generally speaking, a person should never just add a child or other person to their present deed. If you add someone to your deed and that person goes through a divorce or gets a judgment granted against them, it could result in the loss of that property. A Transfer On Death Deed does not create this problem. Grantee’s creditors and others, such as ex-spouses, cannot claim the property while the current property owner is still alive. 

Estate Planning is a very important matter and there are numerous tools available such as the Transfer On Death Deed. You should always consult an attorney when you are making estate planning decisions to ensure that you remain protected during your lifetime and that the proper estate planning tools are used to carry out your plans when you pass away.