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President’s Corner: December 2017

Investors Title Company CEO Joe Crutchfield

Hope all is going well this Holiday Season and I hope you’re not too stressed out by all the stuff we put ourselves through this time of year.  It certainly is busy for us at the end of the year because many customers want to close before the end of December and this year is shaping up to be no exception to that rule.  All in all, it has been a very good year for us and we are thankful.

It’s also the season of the “Economic Forecast Breakfast”.  You know, where you go and have pastries and coffee and listen to experts predict how the next year is going to go economically.  Most are interesting and informative but are really akin to long-term weather forecasts.  If the forecast is for storms, prepare for the worst.  If the forecast is for sunny skies, you’re happy about it, but you still have to prepare for the worst just in case.  Anyway, here’s hoping for lots of economic sunshine next year.

We are often asked by buyers to put “TOD” after their names on the deed from the seller in a transaction.  TOD stands for “Transfer on Death” and the idea is that the asset transfer at the time of death to a named individual without the necessity of a Probate proceeding.  What we tell customers that make such a request is to speak to their lawyer because the Transfer on Death designation does not work with real estate.  TOD is for bank accounts, CD’s, etc. which are items of personal property, not real property.  The Beneficiary Deed was created many years ago to enable individuals to transfer real property at their death without their heirs dealing with Probate. This is a separate document that title companies really aren’t allowed to prepare although it generally is pretty simple and most any lawyer can take care of at a reasonable cost.

We look forward next year to continuing to work with those of you who are already our clients and to prove ourselves to those of you who aren’t.  Anyway, all of us at ITC wish all of you a very happy holiday season and all the best for 2018.  (Short article this month because I’m really behind on my holiday shopping as I promised myself I wouldn’t wait til Christmas Eve like normal so I better get on the ball).

 

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