Wednesday, June 28, 2017

Can an Agent Under a Power of Attorney Revoke a Transfer on Death Deed?

Originally published by Rania Combs.

The Texas Transfer on Death Deed allows homeowners to name a beneficiary who will inherit their property after they die.

It works like a beneficiary designation on a bank account or an insurance policy. If a beneficiary is named, the property will pass to the beneficiary outside the probate process.

To be valid, the transfer on death deed must be signed by the homeowner and recorded in the County property records before the homeowner’s death. The transfer on death deed statute specifically prohibits an agent acting under a power of attorney from creating a transfer on death deed.

Recently, someone asked whether it was possible for an agent acting under a power of attorney to revoke a transfer on death deed.

Based on my reading of the statute the answer is: no.

The statute provides that a revocation or subsequent transfer on death deed that revokes the preceding transfer on death deed must be acknowledged by the transferor.

A transferor is defined as an individual who makes a transfer on death deed, which specifically excludes an agent acting under a power of attorney.

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

from Texas Bar Today
via Abogado Aly Website

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