Basics of Estate Planning
Hi, I’m Oklahoma estate plan attorney Meg Prestidge and today I want to talk to you about the difference between transfer on death deeds versus joint tenancy ownership in Oklahoma. Both a transfer on death deed provision and joint tenancy ownership are recognized methods of transferring assets.
Joint ownership involves two or more individuals who have an equal ownership interest in the targeted asset, such as your home, real estate property, or oil and gas minerals. Upon the death of one owner, the surviving owner inherits the deceased joint tenant’s portion, thereby avoiding probate.
Transfer on Death Deeds Explained
A transfer on death deed, on the other hand, allows an asset owner to name a beneficiary who receives that asset upon the owner’s death. This method also avoids probate; however, the beneficiary does not have any ownership interest in that asset until the owner’s death.
The nice thing about a transfer on death deed is that you do not have to notify the party to whom you wish that asset to be transferred. You could set up a transfer on death deed, have it recorded in the county in which you live, and still decide to sell that property.
Revocability and Flexibility
Furthermore, a transfer on death deed is revocable, meaning you have the right to revoke it at any time. This flexibility makes transfer on death deeds great estate planning tools. If you would like to discuss this and other ways to avoid probate, please feel free to reach out.
Get a Low-Cost Consultation
If you’re interested in exploring your options further, contact me at theOklahomaCityattorney.com or call 405-888-5400 for a consultation. Let’s ensure your estate planning aligns with your wishes and protects your assets.
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