This form is a Transfer on Death Deed where the Grantors are husband and wife and the Grantee / Beneficiary is an individual. This transfer is revocable until Grantor's death and effective only upon the death of the last surviving Grantor. The primary beneficiary / Grantee takes the property if the primary beneficiary survives the Grantors. There is no provision for an alternate beneficiary. If the primary beneficiary does not qualify, the deed is null and void. This deed complies with all state statutory laws.
A transfer on death deed, also known as a TOD deed, is a legal document commonly used in estate planning in Portland, Oregon. It allows two individuals or a husband and wife to transfer their real estate property to an individual beneficiary without the need for probate court proceedings upon their death. This type of deed can be created without a provision for the appointment of an alternate beneficiary. The Portland Oregon Transfer on Death Deed from Two Individuals or Husband and Wife to an Individual WITHOUT provision for appointment of Alternate Beneficiary is a specific type of TOD deed. It is designed for situations where the property owners want to transfer their property rights solely to a designated individual beneficiary without any options for appointing an alternate beneficiary. This type of TOD deed provides homeowners with the peace of mind that their property will transfer seamlessly to their chosen beneficiary upon their death, avoiding the lengthy and costly probate process. It is especially useful for individuals who wish to leave their property to a loved one, such as a child or a close friend, while ensuring that the property does not become subject to claims from other potential beneficiaries. By executing this specific type of transfer on death deed, two individuals or a husband and wife can effectively transfer their property rights to a single beneficiary. This beneficiary will automatically take ownership of the property upon the death of both owners, without the need for probate court involvement. It is important to note that this type of Portland Oregon Transfer on Death Deed does not provide for the appointment of an alternate beneficiary. Therefore, if the designated beneficiary predeceases the property owners or is unable or unwilling to accept the property, the transfer may not occur as intended. In such cases, it may be necessary to consider other estate planning options or to amend the deed to include provisions for an alternate beneficiary. Consulting with an experienced estate planning attorney in Portland, Oregon is highly recommended when considering the use of a transfer on death deed. They can provide guidance on the specific requirements and options available under Oregon law. It is crucial to ensure that all necessary legal formalities are followed and that the deed accurately reflects the property owners' intentions to protect their assets and beneficiaries.
