One legal means of transferring financial accounts at death is to designate a given account as “POD” (“payable on death”) to a named beneficiary. This designation has long been legal in Oklahoma and is recognized by banking entities as a legitimate way of transferring certain types of personal property at death.
Last year the Oklahoma Legislature passed into law House Bill 2639. Entitled the “Nontestamentary Transfer of Property Act,” the legislation basically provides a “POD” type of procedure for real estate.
Found in Title 58 (Probate Procedure) of the Oklahoma Statutes, Section 1252 states as follows: “An interest in real estate may be titled in transfer-on-death form by recording a deed, signed by the record owner of the interest, designating a grantee beneficiary or beneficiaries of the interest. The deed shall transfer ownership of the interest upon the death of the owner. A transfer-on-death deed need not be supported by consideration.”
Further, Section 1252 states that “the signature, consent or agreement of or notice to a grantee beneficiary or beneficiaries of a transfer-on-death deed shall not be required for any purpose during the lifetime of the record owner.”
So, a “transfer-on-death” (hereinafter referred to as TOD) deed does for real estate what a “payable-on-death” designation does for financial accounts. Effective Nov. 1, 2008, the TOD deed allows an adult property owner to file a deed in a county clerk’s office that, unless revoked, would transfer, on the death of the property owner, whatever interest the property owner held in the real estate described in the deed.
Full Article and Source:
New real estate law
See also:
Nontestamentary Transfer of Property Act
Last year the Oklahoma Legislature passed into law House Bill 2639. Entitled the “Nontestamentary Transfer of Property Act,” the legislation basically provides a “POD” type of procedure for real estate.
Found in Title 58 (Probate Procedure) of the Oklahoma Statutes, Section 1252 states as follows: “An interest in real estate may be titled in transfer-on-death form by recording a deed, signed by the record owner of the interest, designating a grantee beneficiary or beneficiaries of the interest. The deed shall transfer ownership of the interest upon the death of the owner. A transfer-on-death deed need not be supported by consideration.”
Further, Section 1252 states that “the signature, consent or agreement of or notice to a grantee beneficiary or beneficiaries of a transfer-on-death deed shall not be required for any purpose during the lifetime of the record owner.”
So, a “transfer-on-death” (hereinafter referred to as TOD) deed does for real estate what a “payable-on-death” designation does for financial accounts. Effective Nov. 1, 2008, the TOD deed allows an adult property owner to file a deed in a county clerk’s office that, unless revoked, would transfer, on the death of the property owner, whatever interest the property owner held in the real estate described in the deed.
Full Article and Source:
New real estate law
See also:
Nontestamentary Transfer of Property Act
I don't see the need for this. If someone else does, I hope they will send me their explanation in an email to tvfields@oh.rr.com.
ReplyDeleteOn the other hand, I don't see what harm it could cause, unless maybe there arises a conflict between someone's TOD and their Will ...
What I do know is that this will not stop frauds like that which I have documented with regards to the events that took place at my father's hospital bedside, while he was being administered a morphine drip, just hours before he died and just hours after the Do Not Resuscitate order was entered into his medical record.
Perhaps it's a way to keep better tabs on property. Often property disappears during an unlawful or abusive guardianship. Many times, greedy guardians change the deed to them -- this could make that harder.
ReplyDeleteYou're right, TVFields, it won't stop frauds, but maybe it will make it harder for those frauds to be perpetrated?