Let’s say you own valuable home but do not have many other assets.
You may be able to avoid probate if you did not own the home and take care of your bank accounts by listing your kids as the POD (Payable On Death) beneficiaries.
Question – Can you transfer the home to your kids and avoid a probate upon death?
Answer – Yes**.
**there are times though when a probate will be necessary to help clear up a specific asset**
There is a deed in Texas called the Transfer on Death Deed (a “TODD”). It is a great thing in certain situations.
You can sign a TODD and file it in the county where you live.
The TODD becomes effective upon your death and your children will become the owner of the house as soon as you pass away – no need for a probate.
If you get cold feet and change your mind – no problem; you can revoke it at any time.