For example, the Kansas statute suggests the following wording: In effect, the statute statute provides a template, which you can fill out to make a TOD deed. Some state statutes lay out out the exact language to use in a transfer on death deed. If you want to create a TOD deed yourself, you have a few options. These are the states that currently allow TOD deeds: The relevant state to check is the state where your property is located. So if you don't see your state below, you might still want to keep your eye on developments in this area. More than half of the states allow TOD or beneficiary deeds, and the list is growing. Which States Allow Transfer on Death Deeds? It's also easy to revoke the TOD deed, or to file a new one, should you change your mind about the beneficiary. You can revoke the TOD deed at any time.Even if you do use a lawyer to make a TOD deed, the fee should be significantly less than what it would cost to have a lawyer create a living trust. Some private companies also offer fill-in-the-blank forms or guided software programs at a small cost. ![]() If you create the TOD deed yourself, you'll need to pay only the notarization cost and a small recording fee. You simply fill out the form, sign it in front of a notary, and file it with your county land records office (the office in your county that records real estate deeds, often called the recorder's office or the register of deeds). Many states have written forms (known as "statutory forms," because the form is set out in the law that establishes TODs) that you can use to create your TOD deed, by simply filling in the blanks. Property placed in a living trust will be distributed according to the terms of the trust, and will not go through probate.Īpart from avoiding probate, the transfer on death deed also has these benefits: On the other hand, if you have a simple revocable living trust and you've transferred your home to the trust, you will not need a separate TOD deed. For these reasons, even if you have an existing will, you might still consider using a TOD deed to address what happens to your home. ![]() What's more, if your biggest asset is your house, keeping it out of probate might mean that your estate comes in under the threshold for " small estates," allowing your estate to skip probate altogether. (See Will Probate Be Necessary?) That can translate to significant cost savings. The greatest advantage to using a TOD deed is that if your estate will go through probate, your house will be protected from that costly and time-consuming process. Benefits of Creating a Transfer on Death Deed Until then, you still own your property, are free to sell it, are responsible for paying taxes on it, and otherwise maintain full control. However, unlike a regular deed, the transfer on death deed does not go into effect until your death. The TOD deed names the current owner, designates the new owner at your death (the "beneficiary"), and identifies your property. The transfer on death (TOD) deed or beneficiary deed looks similar to a regular real estate deed, such as the one that transferred the house to you when you purchased your home. In many states, you can create and file a simple transfer on death deed (also called a "beneficiary deed" or similar term in some states) that will leave your home or other real estate property to someone after you die. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. You should not send any sensitive or confidential information through this site. Your number will be held in accordance with our Privacy Policy. You will receive up to 2 messages per week from Martindale-Nolo. Attorneys have the option, but are not required, to send text messages to you. You are not required to provide consent as a condition of service. Messages may be sent using pre-recorded messages, auto-dialer or other automated technology. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided for marketing purposes, discuss available services, etc. By clicking "Find a Lawyer", you agree to the Martindale-Nolo Texting Terms.
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