What is a Texas Transfer on Death Deed and Motor Vehicle Transfer on Death? Should you still have a will? Attorneys Ray Kerlick and Fiona Goodison answer those questions in this video. Call 800-929-1725 for an appointment.
Transcript of the Texas Transfer on Death Deed Video
– Good afternoon. This is Ray Kerlick from Wadler Perches Hundl and Kerlick at our Fulshear office, here at 29818 FM 1093, right by Fulshear High School. Today, Fiona Goodison and I were hoping to talk a little bit about some new ways that the Texas Legislature has helped reduce the cost of probate. So, tell us a little bit about what you understand to be these new ideas, Fiona.
– Well, we have two new documents that are going to help ease probate matters. There is a Transfer on Death Deed, which can apply to your home so that you can transfer your home without needing to go through probate. And there is also one to help transfer your vehicle that the DMV has. A simple form you fill out that will transfer your vehicle upon death.
– Well, that sounds like that will reduce the cost and necessity of having to probate a will. But does that mean that we don’t need a will?
– We absolutely need a will. A will provides for many other provisions. It includes who receives your property and in what distribution.
– Well, in addition, it’s one of the things we need to make sure of is that we make provisions for our kids. So, one of the important things that we include in all of our wills, especially for those even without minor kids, is that we have a trust provision for minor beneficiaries to make sure that their money is managed until they reach a certain age where they can receive that money in full.
– Additionally, you do need some other documents to complete your estate planning.
– Well, that’s right. Not only do we have to make provisions for situations in which one of us has passed away, but it’s equally important that we make provisions for who’s going to be responsible if something happens to one of us and we’re simply incapacitated and incapable of making decisions for medical reasons.
– In addition, we need documents that tell our doctor, in the event that we are incapacitated, how we hope that our care is provided for.
– Absolutely. And so, the purpose of all of these documents and equally important to who gets what after we’re gone, is to make sure that we have made provisions for who is going to be responsible for making the decisions when you can’t. So, those are things that we do need a will and some other documents for, but the good news is Texas legislature has also allowed us to include some additional estate planning tools, being the Transfer on Death Deed and the Motor Vehicle Transfer on Death application. So, please come see us to discuss these matters, and we’ll be happy to help you complete all your necessary estate planning.
– We look forward to seeing you.