What is a transfer on death deed?
A transfer on death (TOD) deed is a type of deed that allows you to transfer ownership of real estate to one or more beneficiaries upon your death. With a TOD deed, you retain full ownership of the property during your lifetime, but you can specify who will inherit the property after you die.
TOD deeds are a simple and convenient way to transfer ownership of real estate without the need for probate. Upon your death, the TOD deed becomes effective, and ownership of the property passes to the designated beneficiaries. TOD deeds can be a useful tool for those who want to avoid the time and expense of probate, or who want to ensure that their property is distributed according to their wishes.
It’s important to note that TOD deeds are not available in all states, and the requirements for creating and transferring property with a TOD deed may vary by state. If you are considering using a TOD deed as part of your estate plan, it is a good idea to consult with an attorney who can help you understand your options and ensure that your estate plan meets your needs and complies with applicable laws.