January 25, 2022

A transfer on death deed is a powerful tool for real estate planning purposes that allows your chosen beneficiary to receive access to a piece of land or real estate when you pass away without going through probate.

Transfer on death deeds let the property avoid probate but do not necessarily provide additional protections and the use of this deed should not take the place of writing a will. This document is similar to naming a beneficiary of a will because you can choose a charity, a business, a family member or a friend or even a living trust. It’s a good idea to establish a contingent beneficiary as well in the event that the primary beneficiary has passed away. There is no obligation to tell your named beneficiary about the deed, but you still might want to let them know so that there isn’t any confusion or questions when you do pass away. A transfer on death deed is a revocable tool which means that you can revoke it or change it at any point in time before passing away.

You will need to revoke the transfer on death deed in the same manner in which you created it and bear in mind that writing a will doesn’t change the transfer on death deed. The beneficiary is not responsible for the home in any way while you are still alive and therefore does not have legal ownership of the property during this time either. Many people choose a transfer on death deed to help avoid the cumbersome probate process and make it easier for their loved ones to get access to a home sooner rather than later.