-
Maine Transfer on Death Deed: What Property Owners Should Know
One of the more difficult choices you will make while planning your estate involves how you would like your assets to be distributed after your death. A Maine transfer on death deed (TOD deed) offers a legal, direct transfer of your estate to your chosen beneficiaries without requiring probate proceedings. This deed type is acceptable in all cities in Maine, with Bangor, Augusta and Portland included.
Searching for a transfer-on-death instrument or looking for a transfer-upon-death form? Can put the state legal parameters into play so can get your matter cared for.
Legal Framework for Transfer on Death Deeds in Maine
The State acknowledges TOD deeds under Maine Revised Statutes Title 18-C, Article 6, Part 4. The statute states that a property owner can give away real property to one or more beneficiaries upon their death.
The transfer is not effective during the lifetime of the owner. The owner retains all rights of ownership and disposal during his life.
What Makes a Maine Transfer on Death Deed Valid?
A valid, legal Maine Transfer on Death Deed requires the following:
Identify the property clearly
Name the beneficiary or beneficiaries
Specify that the property transfer takes place upon death.
Must be executed as a valid Maine deed requires
Shall be made prior to the death in the county register of deeds in which the real property is situated.
If the deed is not recorded, it will not typically be valid.
Why Use a Transfer on Death Instrument?
A transfer on death instrument is selected for its ease of use and its benefits in providing a simple way to plan an estate while giving the owner ongoing control. It has several advantages:
Escapes probate process
Can transfer to beneficiaries directly
Saves time and legal fees
The owner retains control while alive.
This may be a sensible and simple way for many property owners to deal with inheritance planning.
Who Should Consider a Transfer Upon Death Form?
A transfer-upon-death form can be a good tool for:
Homeowners wanting to pass property directly to family
People wanting to minimise or eliminate probate as easily as possible
Property owners who own a dwelling and other types of real estate
Those wanting the ability to transfer property and still control it
Other planning devices such as trusts may be appropriate for larger or more complex estates.
Revocation and Owner Control
A primary advantage of a Maine TOD deed is flexibility. The owner may:
Revoke during life
Record another TOD deed
Transfer or sell before death
The beneficiary doesn't need to sign, accept or know of the deed while the owner is alive.
Important Legal Considerations
You should consider a few things before you use a transfer-on-death instrument:
The property is transferred by the existing liens, mortgages, and encumbrances.
A quitclaim deed will deliver title (not covenants or warranties of title).
Legal descriptions shall be clear, concise and correct.
Beneficiaries may file an affidavit of death notice of the decedent after his/her death.
An adequate amount of planning may help for the successful transfer of information.
Example of Transfer on Death Deed in Maine
Imagine a homeowner in Portland who wishes to have their property go directly to their child. They would do a Maine transfer on death deed, naming the child as beneficiary, and file it with the county registry of deeds.
When the owner dies, the property passes to the survivor outside the probate system. This simplifies inheritance for the family.
Frequently Asked Questions
Are TOD deeds recognised in Maine?
Yes, The State does allow TOD deeds to be used for real estate.
Does the beneficiary have ownership immediately?
No. Ownership does not actually transfer until the owner is dead.
Can the deed be received back?
Yes, the owner of the deed can also cancel the deed or replace the deed before the owner dies.
Is recording a necessary component for validity?
Yes, the deed must be registered before the passing of the owner.
Simplify Your Property Transfer Planning
Use a Maine transfer-on-death deed for an efficient way of transferring your property without probate delays. This type of deed, once signed correctly and filed in the registry of deeds, will ensure that your assets are quickly distributed to the beneficiaries of your choice.
Get your transfer-on-death form now, Download here!