Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Klenk Law

Avoiding Probate Through a Transfer-on-Death Deed – Not in PA!

Posted on Fri Nov 14, 2014, on Probate and Estate Administration

From our “Ask a Question” Mailbag: Avoiding Probate Through a Transfer-on-Death Deed

Most Recently Updated July 8, 2018.

“Can I avoid Probate in Philadelphia by using a Transfer-on-death deed for real estate?”

How to Keep the family home in the family

Avoiding Probate Through a Transfer-on-Death Deed

Avoiding Probate Through a Transfer-on-Death Deed

For some estates, spending a little money now to avoid probate at death can create substantial savings for the family. Typical techniques used to avoid probate include Revocable Living Trusts, Jointly Owned Accounts and Payable-on-Death designations on bank accounts and stock accounts.

One technique available in some states to avoid probate is a Transfer-on-Death Deed for real estate.

For example:

M.S. 507.071 is the Minnesota State statute that spells out how to draft a valid Transfer-on-Death deed for Minnesota property. This statute allows you to own a Minnesota plot of land with a deed that states at your death the ownership of the land immediately transfers into the name of another person or into a trust. Until death, the property remains in your name and under your control.

Pennsylvania has not yet adopted a Transfer-on-Death deed, so as of 2014/2015 for Philadelphia residents this is not an option.

What can be done in Pennsylvania?

Instead, to avoid probate in Philadelphia deeds can be placed in Joint Tenancy or into a Revocable Living Trust. The advantage of a Joint Tenancy is simplicity, but the negative is that during your lifetime you will have given the other person a part ownership in your property. A Revocable Living Trust avoids probate, is a bit more complex to implement but has the advantage of leaving control over the property in your hands during your lifetime.

More Planning Questions?

Avoiding probate is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Avoiding Probate Through a Transfer-on-Death Deed

I hope that this article was helpful in explaining how a living trust in PA can assist in avoiding probate. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Avoiding Probate, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Living Trust, Pennsylvania, Philadelphia, Revocable Trust

What Our clients are saying

Klenk Law Logo
Stars

Peter Klenk is an extraordinary attorney with positive guidance and knowledge for all of your Trust and Estate needs. We have used him for over 20 years.

Klenk Law Logo
Stars

Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.

Klenk Law Logo
Stars

Peter came highly recommended by a close friend to do our estate planning. We have been putting off for years. He is knowledgeable, professional and easy to work with.

Klenk Law Logo
Stars

We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.

Klenk Law Logo
Stars

Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.

Let us put our expertise to work for you.

Free consultation within 24 hours.