Washington real property owners have a valuable tool for making transfers to family members or others that are to become effective at the death of the owner. The law of Washington now allows a deed to be recorded during an owner’s lifetime that will not become effective until that owner dies and the recipient accepts the property and confirms that in writing.
Over the years we have often been asked about ways to transfer real estate to adult children, for example, to avoid any estate probate as to that property. Doing so has opened the risk that that child’s actions may lead to liability which might attach to the transferred real estate. This relatively new law allows us to avoid that risk during the owner’s lifetime and still avoid the probate issue as to that real property.
Another great feature of the new law is its flexibility so if there is a change of mind or circumstances before the owner’s death the owner can revoke the transfer and keep the property in his or her estate.
To learn more about the details of this law, contact us for an appointment.