Understanding Transfer on Death Deeds in Georgia: New Law Enacted July 1, 2024

By: Attorney Black

What is a Transfer on Death Deed

A Transfer on Death (TOD) deed is a legal document that allows an individual (the grantor) to designate a beneficiary (the grantee) to inherit real estate upon the grantor’s death—without the property having to go through probate. This can be an efficient way to transfer real estate, but it must be executed properly to comply with state laws.

Key Details of the New Georgia Law

As of July 1, 2024, TOD deeds are officially recognized in Georgia. Here’s how they work:

1. Filing Requirements After the Grantor’s Death The grantee (beneficiary) must fulfill specific requirements to finalize the transfer. These include:

   • Submitting an affidavit: This affidavit must include the legal description of the property and confirm whether the grantee was the spouse of the deceased grantor.

   • Verifying the death: This typically involves providing a death certificate.

2. Time Limit for Filing

   • If the grantor passed away on or after July 1, 2024, the grantee must file the required documentation within nine months of the grantor’s death.

   • If the grantor passed away before July 1, 2024, the nine-month timeline does not apply, as the law was not yet in effect.

Benefits of a TOD Deed

TOD deeds offer several advantages compared to adding someone as a co-owner on your property deed:

• Avoiding Probate: Property transfers automatically to the designated beneficiary, bypassing the lengthy and sometimes costly probate process.

• Maintaining Control: The grantor retains full ownership and control of the property during their lifetime, with the option to revoke or amend the deed if circumstances change.

• Clear Designation: Ensures clarity and avoids disputes over property ownership.

Is a TOD Deed Right for You?

While TOD deeds can be beneficial in some cases, they are not suitable for everyone. For instance:

• A TOD deed might not be the best choice if your estate plan includes complex asset distribution.

• Certain circumstances, such as potential disputes or the need for creditor protections, may require alternative planning tools.

Always consult an estate planning or real estate attorney to evaluate whether a TOD deed aligns with your goals and overall estate plan.

Final Thoughts

The introduction of TOD deeds in Georgia marks a significant shift in how real estate can be handled in estate planning. However, as with any legal matter, it’s crucial to approach these deeds with a clear understanding of the requirements and implications.

Contact a qualified attorney if you’re considering using a TOD deed or have questions about how this new law might impact your estate plan. Proper guidance ensures that your assets are distributed according to your wishes and with minimal complications.

Stay tuned to our blog for more detailed information on Georgia’s TOD deed law. We’ll continue to provide updates and insights to help you navigate your estate planning needs. If you have any questions, feel free to leave them in the comments section.

Thank you for reading!

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