This form is a Transfer on Death Deed where the Grantor/Owner is an individual and the Grantee beneficiary is an individual. This transfer is revocable by Grantor until death and effective only upon the death of the Grantor. This deed must be recorded prior to Grantor's death. This deed complies with all state statutory laws.
The Portland Oregon Transfer on Death Deed is a legal instrument that enables an individual owner/granter to transfer their property's ownership rights to an individual beneficiary upon their death. This type of deed falls under the broader category of estate planning tools. A Transfer on Death Deed allows the owner/granter to have full control and use of their property during their lifetime while ensuring a smooth transition of ownership to the intended beneficiary without the need for probate. It is an efficient and cost-effective method to transfer real property after the owner's demise. There are various types or variations of the Portland Oregon Transfer on Death Deed, including: 1. Standard Transfer on Death Deed: This is the most common type of Transfer on Death Deed used in Portland, Oregon. It involves a straightforward transfer of property ownership from the individual owner/granter to a designated individual beneficiary upon the owner's death. 2. Contingent Transfer on Death Deed: In certain situations, the individual owner/granter may wish to name a contingent beneficiary who will inherit the property if the primary beneficiary predeceases them. This provides an added layer of protection and ensures that the property passes to the intended individuals even if the primary beneficiary is unable to receive it. 3. Multiple Beneficiary Transfer on Death Deed: Here, the individual owner/granter can designate multiple individuals as beneficiaries, who will receive their respective shares of the property upon the owner's death. This type of deed is useful when an owner wishes to distribute their property among multiple beneficiaries or provide for specific percentages of ownership. 4. Revocable Transfer on Death Deed: If the owner/granter wishes to retain the ability to change the beneficiary designation or revoke the transfer entirely during their lifetime, they may opt for a revocable Transfer on Death Deed. This provides flexibility and allows for changes according to their evolving circumstances or preferences. 5. Irrevocable Transfer on Death Deed: Contrarily, an irrevocable Transfer on Death Deed does not allow the owner/granter to change the beneficiary designation or undo the transfer once it is executed. This type may be preferred for individuals who have solidified their decision and want to guarantee the property's transfer to the designated beneficiary upon their death. The Portland Oregon Transfer on Death Deed provides individuals with a relatively simple and efficient way to pass on their property to a designated beneficiary upon their passing, thereby avoiding probate proceedings. However, it is highly recommended consulting with a qualified attorney or estate planning professional to determine the most suitable type of Transfer on Death Deed based on individual circumstances and objectives.
