A New Way to Avoid Probate for Your Vancouver Washington Home

Posted February 8th, 2015 by John Slocum
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Why You Want to Know About Washington's New "Transfer On Death" Deed

During the 63rd Legislature HB 1117; the "UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT" was passed, effective June 12, 2014 and later to allow a streamlined transfer upon the death of the property owner to the person(s) designated in this special type of Deed.  The full code can be found at Chapter 64.80 RCW   From the RCW and Scott Hogan of Cascade Title Company some of the highlights of the Transfer on Death (TOD) Deed are:

  • One or more beneficiaries can be named on the Deed.
     
  • The TOD Deed is Revocable, and can be changed in the future

  • The Owner can Sell the property before their death, which will automatically revoke the TOD provisions..
     
  • Probate is not necessary to transfer the property.

  • The TOD Deed trumps other instruments such as a Will or Trust that may contain contrary provisions.

  • The recipient of the property will very likely have a current market value tax basis, rather than the tax basis of the Decedent.
  • Existing encumbrances will likely still remain on Title.

In the video interview below, Mark Eshelman asks Scott Hogan how the TOD Deed works in Washington:

Vancouver Real Estate Voice Interview with Scott Hogan 2014

If you'd like more information on the details on the Transfer on Death Deed, Scott would be glad to take your questions.  His contact information is at: www.CascadeTitleCo.com.  Thanks Scott for the great report!

We can also recommend Vancouver WA Estate Planning Attorney Dan Marsh who can help you better understand how the TOD may work for you in your overall Estate Plan.  His website is http://www.Marsh-Higgins.com

PS - Visit the Fairway Village Vancouver WA page on our website, where it is Easy to search for a home in Vancouver's largest Senior 55+ community, with property and real estate listings from the entire RMLS.  Sign-up Not Required!

PPS -2015 will be a big year for the real estate market.  Don't delay with your Home Selling or Buying Plans - Call Us Soon!


Disclaimer: as with any real estate information and statistics, we do our best to provide the best representation at the time the data was acquired.  We deem the data and reports reliable but not guaranteed.

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