If you want your children to inherit your home without going through probate, Maine law allows you to arrange the transfer ahead of time with a transfer-on-death deed. Here’s what to know.
How does a transfer-on-death deed work?
A transfer-on-death deed lets you name who should get your home after you die while you remain the owner during your lifetime. You can continue to live in the home and control what happens to it, rather than giving your children an interest in the property now.
To be valid, Maine requires you to properly sign and record the deed before your death. You can also change or revoke it later if your plans change.
What should you consider before using a transfer-on-death deed?
Who you name as a beneficiary and how you want them to share the home both matter. For example, if you name two children, Maine law generally gives them equal shares of the property unless you state otherwise in the deed.
You should also think about what happens if one of your children dies before you or if you still have a mortgage or lien on the home. These details can affect what your children receive and what happens to the property after you die.
Put your plan in place
If you want your children to receive your home, deciding that is only part of the process. A Maine estate planning attorney can help you determine whether a transfer-on-death deed fits your situation and make sure the deed reflects your wishes. Getting the details right now can make things much easier for your children later.