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Upon the death of the grantor, the property transitions to the beneficiary without undergoing probate. This process, however, does have its drawbacks. It restricts the ability of the grantor to modify the beneficiaries or the distribution of assets, potentially compromising the rights of other potential heirs.

A TOD doesn't provide creditor protection for the beneficiaries the way a formal trust does, and most financial institutions don't allow TODs to name formal trusts as their beneficiaries. The institutions allow only individuals as beneficiaries of TODs. For asset protection, you might want to create a formal trust.

However, there are many cons of TOD deeds: TOD Deeds do not always avoid probate. For example, if any of the named beneficiaries predeceases the property owner, then unintended consequences will result. For example, if your beneficiary dies first, your property goes to probate anyway.

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The TOD deed overrides any contrary provisions in the owner's will, even a will signed after the TOD deed. That could frustrate someone's entire estate plan. It could also lead to some pretty nasty litigation if the beneficiary under the will is different from the beneficiary named in the TOD deed.

Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.

If the property owner is deceased, he or she can no longer sign the deed. In that case, you need something different such as an Affidavit of Heirship, a probated Will or a court order determining heirship. First the deceased owner's name must be removed from the record ownership of the house (the title).

Intestate Succession: Dying Without a Will in Texas The statutory timelines for intestate succession are as follows: 4 years from the date of death to determine heirs and distribute property.