Does Oregon have a Transfer on Death deed?
Yes, Oregon does have a transfer-on-death deed (also known as a TOD deed or a beneficiary deed) option that allows property owners to transfer ownership of their real property to one or more designated beneficiaries upon their death. A transfer-on-death deed is a legal document that is recorded with the county where the property is located, and it becomes effective upon the owner's death.
To create a transfer-on-death deed in Oregon, the property owner must execute and record a TOD deed that names one or more beneficiaries who will inherit the property upon the owner's death. The TOD deed must also describe the property and specify the ownership interest that is being transferred. The property owner can revoke or modify the TOD deed at any time as long as they are competent and capable of doing so.
A transfer-on-death deed can be a useful tool for estate planning, as it allows property owners to transfer ownership of their property outside of the probate process. This can save time and money, and it can also provide greater privacy and control over the transfer of the property. It's important to note, however, that a TOD deed does not take effect until the owner's death, so the property owner will need to continue to manage and maintain the property during their lifetime.
If you are considering using a transfer-on-death deed in Oregon, it's a good idea to consult with an attorney to ensure that the deed is properly executed and recorded, and to discuss any other estate planning options that may be available to you.
