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Transfer-on-Death Deed bill Passes Texas Legislature
Friday, May 29, 2015 7:00 AM

SB 462 by Sen. Joan Huffman and Rep. Jessica Farrar creates a method to transfer real property upon death outside the probate process. A Transfer-on-Death (TOD) deed acts as a will substitute for real property, allowing a property owner to transfer the property to a beneficiary upon the owner's death in a more affordable manner.

This TOD is revocable and also allows a person to retain a life estate as part of a transfer. The transfer method for real property would be the same as for transferring funds.

The original bill was passed by the Senate, underwent minor changes by the House, and returned to the Senate, which concurred with the House changes and passed it unanimously. It has been sent to the governor.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.