In Oklahoma there is the Transfer on Death Deed. Ownership and executive rights remain with the owner until death. The owner can revoke or even sell the property without the beneficiary’s consent. After death the beneficiary files an acceptance with death certificate to come into title.
Obviously, a trust avoids probate.
I don’t like life estates for estate planning for a variety of reasons. One big concern is drafting it so that the life estate owner does not require remainderman to join in decisions for leasing or pooling order elections.
A simple trust typically works better. Plus, you can build in contingencies not available with TODDs, Life Estates, etc.
I’m not licensed in Texas, but my understanding is that Transfer on Death Deeds are not favored there.
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