Jim owns a valuable home on 3 acres. He does not have many other assets.
His estate would not need to be probated if he did not own the home because he already took care of his bank accounts by listing his son as the POD (Payable On Death) beneficiary.
Question – Can Jim transfer the house and land to his son and avoid a probate upon his death?
Answer – Yes**.
**there are times though when a probate will be necessary to help clear up a specific asset**
Texas created a deed called the Transfer on Death Deed (a “TODD”) and it’s a great thing in certain situations.
Here, Jim can sign a TODD and file it in the county where he lives.
The TODD becomes effective upon his death and his son will become the owner of house/land as soon as he passes away – no need for a probate.
If Jim gets cold feet and changes his mind – no problem; he can revoke it at any time.