a deed of assent is an aspect of probate law necessary to transfer a property from the name of a deceased person to the intended heir. a deed of assent transfers the property titles of a deceased person into the name of the heir that is meant to get the property (ref 1). obtaining a deed of assent is normally a process of filing out the appropriate papers for a probate office, as long as the transfer of the title is not contended. the services of a probate lawyer or solicitor are generally required.
a deed of family arrangement is a document that legally changes the way a deceased person’s assets are divided between the beneficiaries. perhaps the person who is entitled to inherit the majority of the assets wishes to pass on their share to other beneficiaries in the will (e.g. in many states, the spouse of the deceased will be entitled to the majority of assets, including what’s called a ‘pecuniary legacy’. the partner will be entitled to this automatically, regardless of how much the estate is worth. if it is valued under $350,000, the partner will receive everything from the estate. a deed of family arrangement could be used in this instance, to come to an agreement where all of the deceased’s immediate family could be left something.
fiduciary deeds are commonly employed when settling estates and the original owner of the property is deceased. the role of the fiduciary is central to the operation of a fiduciary deed. the fiduciary is a person authorized to sign in place of the person or entity that owns the property. however, the owner of the property does not have to be deceased for a fiduciary deed to be useful. a fiduciary deed may also be used if the owner of the property is a minor. in order to be certain that the signer of a deed transferring property actually owns the property, buyers usually require a warranty deed.
texas has a law called a revocable transfer on death deed or a beneficiary deed, which names a particular beneficiary who automatically receives ownership of real property after the original owner dies. it is meant to provide a simple and cheaper transfer of ownership of land to a beneficiary without the involvement of probate court. remember the property of the deceased goes through probate court and is then passed on to heirs if the deceased had no will or transfer on death deed. the name(s) and addresses or address of the beneficiary must be included in the deed, and the property owner must sign the deed in the presence of a notary public. the main differences between a will and the transfer on death deed is that the will is more detailed about what happens to all property belonging to the property owner after they die.
thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people or entities you wish to receive them. include all account numbers and list the location of any physical documents you have in your possession. the second copy should be given to your spouse (if you're married) and placed in a safe deposit box. review each of these accounts to make sure the beneficiaries are current and listed exactly as you like.