- #DOES A WILL HAVE TO BE NOTARIZED IN INDIANA HOW TO#
- #DOES A WILL HAVE TO BE NOTARIZED IN INDIANA FREE#
Stephanie sells her one-third share of the property to Anya. Tim leaves his one-third share of the property to his son Cameron in his will. After you die, they will own the property as tenants in common.
#DOES A WILL HAVE TO BE NOTARIZED IN INDIANA FREE#
In other words, your beneficiaries will own your property as tenants in common and each beneficiary will be free to leave his or her share to someone else or to sell that share of the property.Įxample: You name Tim, Stephanie, and Rebekah as your TOD beneficiaries. Before you name multiple beneficiaries on your transfer on death deed, make sure you consider 1) how the co-beneficiaries will hold title to the property after you die, 2) what will happen if one of the co-beneficiaries dies before you do, and 3) how the beneficiaries will feel about co-owning the property.Īs to the first issue, when you make WillMaker's transfer on death deed for Indiana, your property will transfer to your beneficiaries in equal shares with no right of survivorship. But if you want to name more than one person, or a minor, there are some issues you should consider. You can name anyone you please to inherit your real estate-a person, more than one person, or an organization such as a favorite charity. For guidance, read Making an Indiana TOD Deed When You Co-Own Property, which will walk you through the process of determining (1) how you co-own the property, and (2) whether you should make a TOD deed with your co-owner or alone.
#DOES A WILL HAVE TO BE NOTARIZED IN INDIANA HOW TO#
If you own the property with someone else, how to proceed depends on how you and the other co-owner(s) hold title to the property. You can also use WillMaker to create other estate planning documents, such as a will, health care directive, power of attorney, and more. Use Nolo's Quicken WillMaker to make a transfer on death deed in any state that allows it. Note that in Indiana, the recorder's office might direct your beneficiary to seek a lawyer's help, but if your beneficiary does need a lawyer to continue, this assistance should be simple and limited in scope. Your beneficiary can check with the county recorder's office for details. To get title to the property after your death, the beneficiary must take a few administrative steps (such as recording a certified copy of the death certificate in the recorder's office). Code § 32-17-14-16(j).) You cannot use your will to revoke or override a TOD deed. You have two options: (1) sign and record a notarized affidavit that either revokes or changes the beneficiary designation, or (2) record another deed that revokes, omits, or changes the beneficiary designation. If you later change your mind about who you want to inherit the property, you are not locked in. Even though your TOD deed transfers your property outside of probate, if your probate property isn't enough to satisfy certain creditor claims and statutory allowances (certain amounts your spouse and children are entitled to at your death, set out by law), your beneficiary might be liable for these claims, up to the value of the property. If you have questions, consult a local attorney. Beware, though, that if you do end up receiving Medicaid benefits-for example, to pay for nursing home care-your home might be liable for reimbursement of Medicaid expenditures. Because you own the property and are not actually giving it away during your lifetime, a TOD deed won't help you "spend down" your assets to help you qualify for Medicaid. Creating a TOD deed shouldn't affect whether or not you are eligible for Medicaid. Because you're not making a gift of the property, there's no federal gift tax. You can sell it, give it away, or mortgage it. You pay the taxes on it, and it's not protected from your creditors. You keep complete ownership of, and control over, the real estate while you're alive. If you have made a will or previous TOD deed that leaves the property to someone, your new TOD deed will override it. Otherwise, he or she might not know about it, even after your death.Įarlier wills or TOD deeds. (More on this below.) The beneficiary doesn't sign the deed, but it's a good idea to let the beneficiary know you've recorded it. The person you name in the deed to inherit the property doesn't have any legal right to it until your death-or, if you own the property as a "joint tenant" with someone else, until the last surviving owner dies. You can make an Indiana transfer on death deed with WillMaker. You must sign the deed and get your signature notarized, and then record (file) the deed with the county recorder's office before your death. At your death, the real estate goes automatically to the person you named to inherit it (your "beneficiary"), without the need for probate court proceedings. A transfer on death (TOD) deed is like a regular deed you might use to transfer your Indiana real estate, but with a crucial difference: It doesn't take effect until your death.
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