If you die leaving titled assets– real estate, motor vehicles, securities, or bank accounts– your heirs will have to go through a court process called “probate.” Probate is a procedure by which a court transfers ownership of the property of a person who has died to his or her heirs. It can be expensive and complicated, and it takes months to complete. Probate is not necessary, however, if your estate does not include any titled assets (unless there is a large amount of personal property). Kansas law provides a way for every type of titled asset to transfer on death (TOD) without going through probate. Titling your property to transfer at death can save your heirs the expense and hassle of going through a long, drawn out, and costly probate procedure.
Even if you title all your assets to transfer at death, you should still have a will. One reason for this is that even with careful planning, an asset may be overlooked and may not transfer on death. Also, if you have a minor child or children, your will should name a guardian for them. You can make specific bequests of money or personal property as well. Even if there is not a probate action upon your death, a will can help make clear your wishes and help avoid disputes among your heirs.
Below you will find information on how to title your assets to transfer on death. If you have any questions or if you would like any assistance with retitling your assets or drafting a will, please do not hesitate to contact us.
Any real property in Kansas can be titled to transfer on the death of the owner. This is done by signing and recording a deed that includes a statement that the owner transfers the property on death to a named beneficiary (or beneficiaries). This transfer is revocable, and it is not affected by a contrary provision in a will.
To title your real estate to transfer on death, contact an attorney or a title company. In addition to any attorney or title company fees, there will be a filing fee of $8 per page and $4 for each additional page of the deed.
To get a TOD provision added to a vehicle title, take the title and registration information for the vehicle to the Motor Vehicle Division of the County Treasurer’s Office. They will need the vehicle mileage and the name and address of the beneficiary, and there will be a $22 title transfer fee.
If you have a brokerage account, contact the broker for instructions on how to have your account transfer on death.
If you have stock certificates or bonds in your possession, you must get new certificates issued, showing that you now own the stock in beneficiary form. Ask your broker for help; if that doesn’t work, contact the transfer agent for the stock. You can get the address from your broker or the investor relations office of the corporation.
Bank accounts
An account at a bank, credit union, or savings and loan may be designated as “payable on death” or “POD.” To add a POD designation to your account, contact your financial institution. A bank account may also be set up as a joint account with the beneficiary, with the primary difference being that the POD account does not allow the beneficiary any control over the account while you are alive.
Dennis “Boog” Highberger, JD