The most valuable asset of many families is their house. Obviously, it is valuable from a monetary standpoint. But its role in families' lives is more than just the fair market value of the property. It is a place for families to bond, for parents to rest from a long day of work, and for children to play. Moreover, a family's house can secure financing for education, business opportunities, trips, etc. In a word, a family's house is the center of family life.
But what happens to the house when the parents pass away? You may have heard "through the grapevine" how complicated the probate process can get. You may wonder if there is any way to avoid the probate process.
One aspect of a comprehensive estate plan is deciding how to transfer the house from the owner's hands to another's. This may be accomplished through a variety a means, so an informed Estate Planning attorney should guide you.
One way to transfer the house to the next generation is through a transfer on death (TOD) deed. Under Indiana law, a TOD deed allows a house to pass outside of probate, avoiding the complications of the probate period. In sum, the TOD deed may save lots of headaches if used properly in a total estate plan.