Hypothetical situation: Can one have a pay-on-death designation when it comes to deeds, such as ones house or car? One can have a pay-on-death designation for bank accounts, insurance policies, and other such financial instruments, (ie they are Beneficiaries), but this is because those institutions allow/have this system in place for such designations. But what about when it comes to ones car or house? In other words, how does one go about obtaining a pay-on-death designation for a house? Or does the land titles office in fact have such a system in place, such as the financial network, to have pay-on-death designation, so all that needs to be done is to visit the land titles office and ask for the addition of John Smith as the pay-on-death beneficiary. Limitations: Can not make it joint, so no right of survivorship. Can not make a Living trust.
I don't think so, but I have a few ideas that hopefully will be corrected because I am out of my league. If the deed is put into the name of an entity,(LLC, C-corp etc.) then it is irrelevant if one of the owners dies. It is up to the rules of the entity to decide who is now owner. And the property remains in the name of the entity but there will be a new owner because of the rules of the entity. The deed never changes names. With a trust, then the beneficiary of the trust gets ownership of the property without probate. With just a will, the property will go into probate, and a judge will decide who owns the property. So I think an entity is your best bet. Someone please correct me if I am wrong, and probably am. Just opening up a dialog.
