This form is a Transfer on Death Deed where the Grantors are husband and wife, or two individuals, and the Grantee Beneficiaries are two individuals, or Husband and Wife. This transfer is revocable until the last Grantor's death and effective only upon the death of the last surviving Grantor. The primary beneficiary Grantees takes the property in equal shares if the primary beneficiaries survive the Grantors. If a primary beneficiary fails to survive Grantors, their interest in the property would go to their descendants per stirpes, if any.
Description: A Gresham Oregon Transfer on Death Deed from Two Individuals or Husband and Wife to Two Individuals with provision for Successor Beneficiaries is a legal instrument used to transfer the ownership of real estate located in Gresham, Oregon upon the death of the current owners (two individuals or a husband and wife) to two identified individuals as beneficiaries. This type of deed allows the property to bypass probate proceedings and pass directly to the chosen beneficiaries upon the death of the granters. This Transfer on Death Deed provides the granters with peace of mind as it ensures a smooth transfer of property ownership to the intended beneficiaries without the need for a will, trust, or probate process. It simplifies the transfer by allowing the granters to retain full control and ownership of the property during their lifetimes while designating the ultimate successor beneficiaries upon their demise. There are two main types of Gresham Oregon Transfer on Death Deeds from Two Individuals or Husband and Wife to Two Individuals with provision for Successor Beneficiaries: 1. Joint Tenancy with Right of Survivorship: In this type of deed, the property is owned by both granters (individuals or husband and wife), and upon the death of one owner, the surviving owner automatically becomes the sole owner of the property. The transfer to the ultimate beneficiaries will occur only upon the death of both granters. 2. Tenancy in Common: With this type of deed, each granter has a distinct and separate share of the property, usually expressed as a percentage. Upon the death of one granter, their share will pass to the identified beneficiary while the other granter (individual or surviving spouse) maintains their ownership. This type of ownership allows the granters to leave their shares to different beneficiaries if desired. Both types of Transfer on Death Deeds can include provisions for successor beneficiaries. These provisions specify who will receive the property if the primary beneficiaries predecease the granters or are unable to accept the property at the time of transfer. Overall, a Gresham Oregon Transfer on Death Deed from Two Individuals or Husband and Wife to Two Individuals with provision for Successor Beneficiaries offers a convenient and efficient way to ensure the smooth transfer of property ownership to designated individuals, without the need for probate or additional legal proceedings. It provides peace of mind to the granters and allows them to control the distribution of their property assets, ensuring their wishes are honored after their passing.
