If you own property in Texas, you may be wondering what a "transfer on death deed" is and how it works. The short answer is that a transfer on death deed is a relatively simple estate planning tool that allows you to pass down real estate property to a chosen beneficiary without having the property pass through the Texas probate process. This alternative to traditional probate can save time, money, and stress for everyone involved.

What Is a Transfer on Death Deed?

A transfer on death deed (TODD) is a legal document that allows you to transfer ownership of your real estate property to someone else upon your death. The TODD does not take effect until after you die, so you can change your mind at any time and revoke the deed.

In order to create a valid TODD in Texas, you must be at least 18 years old and the owner of the property in question. The deed must clearly describe the property in question and specifically identify your chosen beneficiaries. Then, it must be signed and notarized in front of two witnesses, who must also sign the deed. The TODD must then be filed with the county clerk's office where the property is located. Once the TODD is filed, it becomes a public record.

Business disputes between owners and/or partners are not uncommon. While some disagreements can be resolved easily, others may require the help of a mediator or even legal intervention. The most important thing is to communicate openly and honestly with each other to try to reach a resolution. Below, we will discuss some of the most common types of business disputes and offer tips on how to resolve them.

1. Disagreements Over the Direction of the Business

One of the most common types of business disputes is disagreements over the direction of the business. This can happen when partners have different ideas about where the business should go or what it should do. If you find yourself in this type of dispute, it is important to try to see things from your partner's perspective and to compromise where possible. If you are unable to reach a resolution, you may need to seek outside help, such as from an attorney, mediator, or arbitrator.

2. Personal Disputes That Affect the Company

Personal disputes between partners can quickly translate into business disputes if left unresolved. Whether it is a disagreement over compensation, credit for work done, or something else entirely, personal disputes can have a significant impact on the operation of your business. If you find yourself in this situation, it is important to communicate with your partner and try to resolve the issue in a way that is fair to both of you. If you are unable to reach a resolution on your own, you may need to seek outside help

Have you ever worked closely with a loved one to help them apply for government assistance programs? If you have, you undoubtedly noticed that a large number of such programs have qualifying criteria that include limits on personal assets and income. Such requirements were generally put in place to ensure that the programs in question served those with the greatest need, but these limits have had unintended consequences for many families.

A good example of this is when a person who receives benefits through Medicaid, Social Security, and other income-limited programs is named as a beneficiary in another person’s will. It may come as a surprise to learn that a one-time transfer of assets—as is usually the case with an inheritance—could have a negative effect on the beneficiary’s continued eligibility for the government benefits on which they might have come to rely.

A Quick Look at Government Aid Programs

Government-funded aid programs are nearly everywhere today, and many have been serving citizens for decades. Some of them even trace all the way to the “New Deal” from the 1930s—the government-led effort to aid in recovery from the Great Depression. If you pay any attention to politics, you know that these types of programs are often debated, as lawmakers have trouble agreeing about their funding and future. It is almost impossible to deny, however, that government benefits are highly useful for people who truly need medical care and financial assistance.

A last will and testament is often the basis for a comprehensive estate plan. You probably realize that your will can include a number of provisions to distribute your assets to those you have chosen as your heirs, and you can make arrangements regarding how your minor children will be cared for in your will as well. However, one of the most important parts of your will is the selection of a person or entity to serve as your executor. Under Texas law, your estate’s executor is in charge of managing your estate and making sure that your wishes regarding your assets and property are followed.

Once you have chosen an executor, however, your work in this regard is not necessarily done, especially as more time passes after the establishment of your will. There are a few situations in which you might consider someone else to serve as your executor - here are just a few. 

Major Life Changes

The Greek thinker Heraclitus is credited with the ancient maxim about the only constant thing in life being change. This reality proves itself every day as we get older. Your current situation might be dramatically different from when you first created your will and named someone to serve as your executor. Significant life changes, such as a divorce, the death of a child or spouse, or moving to a new state, could make a complete revamp of your estate plan necessary, including your choice of executor. The individual that you originally appointed to that role might no longer be in your life, or he or she might live too far away to manage your estate effectively.

Everyone can benefit from having a comprehensive estate plan in place. In addition to giving a person and their family the peace of mind that their final wishes will be fulfilled, estate planning offers the opportunity for someone to examine their financial needs and assets in order to plan for the future. An estate plan usually includes a last will and testament and can also include a living trust, power of attorney, health care proxy, living will, instructions concerning life insurance, a business succession plan, and more.

At our firm, we have helped hundreds of clients create estate plans with varying degrees of complexity. We have also received many questions from individuals wondering how to approach the topic of estate planning with their aging parents. It is not always easy to initiate such discussions, but doing so is important for the security of your family.

Intestate Succession

If you have parents who are getting older but do not have an estate plan, you may be concerned as to how their end-of-life decisions will be made and how their assets will be distributed after their death. When an individual dies without having executed a valid will, the contents of his or her estate will be distributed to eligible heirs through "intestate succession." The specifics of intestate succession vary slightly by state, and such laws can be quite complicated in certain situations. Put another way, if a person does not make their own decisions about their property, the state will do it for them. Of course, most people would not choose to surrender those decisions to the state, but by not having an estate plan, they are doing just that.