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New Mexico Transfer on Death Deed or TOD - Beneficiary Deed for...

Transfer On Death Property Deed Without Will

Category:

Real Estate - Deeds - Transfer on Death

State:

New Mexico

Control #:

NM-019-77

Format:

Instant download

Description

The Transfer on Death Property Deed Without Will is a legal document that allows an individual, referred to as the Grantor, to designate a beneficiary, known as the Grantee, who will receive real property upon the Grantor's death without the need for probate. This deed remains revocable until the death of the owner, ensuring that ownership is not transferred until that time. The form includes sections for the legal description of the property, provides for alternative beneficiaries, and revokes any prior beneficiary designations relating to the property. Filling out the form requires the Grantor's signature in front of a notary public, ensuring legal acknowledgment. Utility of this form for attorneys, partners, owners, associates, paralegals, and legal assistants lies in its ability to simplify estate planning and property transfer processes, facilitating smoother transitions of ownership for clients. It is especially useful for individuals who wish to avoid probate, streamline the transfer of assets, and ensure their property is transferred according to their wishes without unforeseen complications.

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How to fill out New Mexico Transfer On Death Deed Or TOD - Beneficiary Deed For Individual To Individual?

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FAQ

A beneficiary who receives real estate through a transfer on death deed becomes personally liable for the debts of the dead property owner without proper counsel from an estate planning professional or a title company. The beneficiary becomes liable to potential financial obligations as a result.

A transfer on death (TOD) bank account is a popular estate planning tool designed to avoid probate court by naming a beneficiary. However, it doesn't avoid taxes.

If the deceased property owner had a Will stating who the property should be transferred to, the Will should be filed for Probate within 4 years of the date of death. The property may subsequently be transferred or sold by the Executor named in the Will ing to the wishes of the deceased owner.

How to Minimize Capital Gains Tax on Inherited Property Sell the inherited property quickly. ... Make the inherited property your primary residence. ... Rent the inherited property. ... Qualify for a partial exclusion. ... Disclaim the inherited property. ... Deduct Selling Expenses from Capital Gains.

What Is the Difference Between TOD and Beneficiary? A transfer on death is an instrument that transfers ownership of specific accounts and assets to someone. A beneficiary is someone that is named to receive something of value.

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Transfer on Death Deed or TOD - Beneficiary Deed for Individual to Individual

New Mexico Statutes
CHAPTER 45 Uniform Probate Code
ARTICLE 6 Nonprobate Transfers
PART 4 REAL PROPERTY

45-6-401. Real property; transfer on death deed.

A. An interest in real property may be titled in transfer on death form by recording a deed signed and acknowledged by the record owner of the interest and designating a grantee beneficiary or beneficiaries of the interest. The deed transfers ownership of that interest upon the death of the owner. A transfer on death deed need not be supported by consideration.

B. The signature, consent or agreement of or notice to a grantee beneficiary of a transfer on death deed is not required for any purpose during the lifetime of the record owner.

C. An interest in real property is titled in transfer on death form by executing, acknowledging and recording in the office of the county clerk in the county where the real property is located, prior to the death of the owner, a deed in substantially the following form:

"TRANSFER ON DEATH DEED

__________ (Name of owner) __________ as owner transfers on death to _____ (name of beneficiary) _____, as grantee beneficiary, the following described interest in real property. THIS TRANSFER ON DEATH DEED IS REVOCABLE. IT DOES NOT TRANSFER ANY OWNERSHIP UNTIL THE DEATH OF THE OWNER. IT REVOKES ALL PRIOR BENEFICIARY DESIGNATIONS BY THIS OWNER FOR THIS INTEREST IN REAL PROPERTY.

(description)

Witness ______________________ hand ______________________ and seal ___________________________________ this ____________ day of 20__

_____________________ (Seal)

(Here add acknowledgment(s))".

D. A designation of the grantee beneficiary may be revoked by the record owner at any time prior to the death of the record owner, by the record owner executing, acknowledging and recording in the office of the county clerk in the county where the real property is located an instrument describing the interest and revoking the designation. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required.

E. A designation of the grantee beneficiary may be changed by the record owner at any time prior to the death of the record owner, by the record owner executing, acknowledging and recording a subsequent transfer on death deed. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required. A subsequent transfer on death beneficiary designation revokes a prior designation to the extent there is a conflict between the two designations.

F. A transfer on death deed executed, acknowledged and recorded in accordance with this section is not revoked by the provisions of a will.

G. A joint tenancy in real property is not effected by a transfer on death deed, and the rights of a surviving joint tenant shall prevail over a grantee beneficiary named in a transfer on death deed. If a joint tenant has executed a transfer on death deed, and if that joint tenant is the last surviving joint tenant, then the transfer on death deed is effective on that joint tenant's death.

H. Title to the interest in real estate recorded in transfer on death form shall vest in the designated grantee beneficiary or beneficiaries on the death of the record owner.

I. Grantee beneficiaries of a transfer on death deed take the record owner's interest in the real estate at death subject to all conveyances, assignments, contracts, mortgages, liens and security pledges made by the record owner or to which the record owner was subject during the record owner's lifetime and to any interest conveyed by the record owner that is less than all of the record owner's interest in the property.

J. If the assets of the estate are insufficient, a transfer resulting from a transfer on death deed is not effective against the estate of a deceased party to the extent needed to pay any claims against the estate and the statutory allowances to the surviving spouse and children.

K. If a grantee beneficiary dies prior to the death of the record owner and an alternative grantee beneficiary has not been designated on the deed, the transfer shall lapse.

History: Laws 2001, ch. 236, Â§ 1.

Transfer on Death Deed or TOD - Beneficiary Deed for Individual to Individual

New Mexico Statutes
CHAPTER 45 Uniform Probate Code
ARTICLE 6 Nonprobate Transfers
PART 4 REAL PROPERTY

Transfer On Death Property Deed Without Will

Description

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How to fill out New Mexico Transfer On Death Deed Or TOD - Beneficiary Deed For Individual To Individual?

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Transfer On Death Property Deed Without Will

Description

Related forms

Related legal definitions

How to fill out New Mexico Transfer On Death Deed Or TOD - Beneficiary Deed For Individual To Individual?

Form popularity

FAQ

What are the disadvantages of a transfer on death deed?

Does transfer on death avoid capital gains tax?

How long do you have to transfer property after death in Texas?

How to avoid paying capital gains tax on inherited property?

What is the difference between a beneficiary and a transfer on death?

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