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A Journey Into Estate Planning: The Transfer on Death Deed

September 21, 2017

(First read the introduction post and find links to the other Journey Into Estate Planning posts).

 

The Transfer on Death Deed, or TODD, is a document that can help limit, or in some cases eliminate, the need to start the probate process after someone has died.  The TODD handles only real estate with the intention of transferring property outside of probate.  The TODD is drafted by an attorney, and is signed by the person who owns (has title to) the property, naming a beneficiary.

 

The TODD is a document must then be recorded with the county recorder/title examiner where your property is located.  The TODD then goes into effect once you’ve recorded it, but can be changed or revoked anytime until your death.

 

So who can benefit from this document?  Well, if your house is titled in your name alone, and you have a single person in mind for ownership after you die, this document could help facilitate that transfer.  However, if your house is jointly titled, it may not be necessary for you, since there is already someone else who will own the house after your death.  An attorney can provide additional information about this type of transfer and the pros/cons.

 

Using the TODD when there are multiple people (beneficiaries) to inherit the house should be done only after consultation with an attorney.  There are several factors to consider whenever you have more than one beneficiary, and an attorney can help lay them out in your unique case.

 

If you have questions about estate planning for yourself or your family, contact Claire Tralle to set up a free initial consultation today.

 

The information in the Journey Into Estate Planning series are intended to provide information only.  No legal advice is being provided or implied via this blog post.  No attorney-client relationship is formed by providing this information.  An attorney-client relationship with Tralle Law, LLC is formed only after a retainer contact is signed by all parties.