This form is a Transfer on Death Deed where the Grantors are husband and wife, or two individuals, and the Grantee / Beneficiaries are two individuals. This transfer is revocable until Grantor's death and effective only upon the death of the last surviving Grantor. The primary Grantee / beneficiaries take the property if the primary beneficiaries survive the Grantors. This deed complies with all state statutory laws.
A Transfer on Death Deed, also known as a TOD Deed or beneficiary deed, is a legal document that allows individuals in Eugene, Oregon, to transfer the ownership of their real property to specific beneficiaries upon their death, without the need for probate. This type of deed is commonly used by married couples or two individuals who wish to ensure a smooth transfer of their property after their demise to two individual beneficiaries. Here are the different types of Eugene Oregon Transfer on Death Deed from Husband and Wife / Two Individuals to Two Individual Beneficiaries: 1. Joint Tenancy Transfer on Death Deed: A joint tenancy transfer on death deed is a common type wherein husband and wife jointly own the real property and designate two individual beneficiaries to inherit their share upon their death. This type of deed ensures that the surviving spouse's ownership interest is automatically transferred to the designated beneficiaries, avoiding probate. 2. Tenancy in Common Transfer on Death Deed: In this type of Transfer on Death Deed, each individual in a married couple or two individuals owns a specific share of the real property. They can designate two individual beneficiaries to inherit their respective shares upon their death. The designated beneficiaries will receive the specific share allocated to each individual, regardless of the proportion of ownership. 3. Community Property with Right of Survivorship Transfer on Death Deed: This type of Transfer on Death Deed is applicable to married couples. It allows spouses to jointly own the property in Eugene, Oregon, as community property with rights of survivorship. Upon the death of one spouse, the surviving spouse automatically becomes the sole owner of the property. However, with a Transfer on Death Deed, the couple can designate two individual beneficiaries who will inherit the property upon the death of both spouses. It is important to note that while a Transfer on Death Deed helps avoid probate, it does not provide protection against outstanding debts or liens on the property. Moreover, if a designated beneficiary dies before the property owner(s), the property may need to go through probate. To create a Transfer on Death Deed in Eugene, Oregon, consult with a licensed attorney or use reliable online services that specialize in estate planning to ensure the accuracy and legality of the document.
