Boston Real Estate & Estate Planning
If you are doing a little estate planning consider your Boston condo. It is probably your most valuable asset. A transfer-on-death deed (TODD) allows for the transfer of title of real property to a named beneficiary at the death of the owner.
The person named on the deed doesn’t have any right to the property until the owner dies and it can be revoked. The new owner also inherits any liens against the property.
A TODD can be helpful for estates that don’t need estate tax planning and where the only asset subject to probate is the home.
We often work with families and attorneys to sell a downtown Boston condo after the owners have died. It can get complicated and take a long time for the estate to go through probate. The Back Bay or Beacon Hill condo can be put on the market while in probate, but the sale can not close.
Talk to your attorney about the transfer on death deed. There are pros and cons and I can’t give legal advice because that would be illegal.
If you need help selling a Boston condo that is part of an estate please call or email.
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