A growing number of U.S. states have enacted laws that allow a home owner to record a transfer on death deed (also called a beneficiary deed or a TOD) during their lifetime. This form of deed will transfer ownership of their property directly to the beneficiary (grantee) named in the deed when the owner (grantor) dies. This is a low-cost and trouble-free alternative to setting up a living trust in order to keep real estate property out of probate.
Yes. Because the transfer on death deed does not become effective until the grantor's death, the grantor still owns the property and can deal with it as he or she sees fit, including mortgaging, encumbrancing or selling it, or changing or revoking the TOD.
If the property is jointly owned, the last surviving owner can change or revoke the deed as they see fit. The beneficiary has no interest in the property, and therefore no say in what happens to the property, during the grantor's lifetime.
A transfer on death deed keeps your real estate property out of probate after your death, which can reduce probate fees and speed up the process of distributing the estate assets. However, any applicable estate taxes will still be payable.
No. Currently the states that allow for recordation of Transfer on Death Deeds or Beneficiary Deeds are: Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Hawaii, Illinois, Indiana, Kansas, Minnesota, Missouri, Mississippi, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Regulations, requirements and limitations differ from state to state, but in general the procedure is very similar. If you own property in any of these states, you can record a Transfer on Death Deed or Beneficiary Deed and reduce the probate costs to your estate after your death. However - as usual - you can't avoid the taxes.
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For many business owners, franchising can appear to be an ideal form of business expansion. Franchisees are responsible for the entire investment in opening locations and due to that investment, are highly-motivated to perform well. That allows franchisors to grow and experience brand awareness a lot faster than they otherwise might. But not all businesses are cut out to franchise. If you’re considering franchising, one of the most important questions to ask is simply, "Am I ready?"
Let's say you're two years into a 5-year lease term and you get a new job that requires you to move to a different city. What do you do? Your only options are either to:
Most leases have a clause that permits assignment or subletting with the consent of the landlord, and this provision usually also states that the landlord cannot unreasonably withhold that consent. This means that the landlord must give their consent if there is no reason not to - for instance, if you can come up with a reputable candidate who can afford to sublease the property.
But that same reputable candidate you find might get you into some legal hot water under the terms of your lease. For instance:
They may have pets (or friends) who cause damage to the rental unit that YOU will then be liable for.
They may have loud parties until all hours and cause trouble with the neighbours, which can end up in an eviction. YOU would then have to pay the landlord's legal costs to evict the subtenant.
They may fall behind in the rent, and YOU will be on the hook for it.
When you assign your lease to a subtenant, YOU are still responsible for your obligations under the lease unless your landlord releases you from those obligations in writing. Because a sublease is between you and the subtenant (NOT with the landlord), the subtenant has no legal obligation to pay the landlord unless they have agreed in writing to take over your responsibilities under the lease.
To limit your risk, keep in mind the following guidelines:
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In occupational health and safety lingo, the terms "accident" and "incident" may appear to be interchangeable - but they're not. An incident is any situation that unexpectedly arises in the workplace which has the potential to cause injury, damage or harm. An accident is actually an incident that resulted in someone being injured or damage being done to property.
