What is a transfer on death deed and how does it work?

A transfer on death deed (TODD) is a type of estate planning law in Florida that allows you to transfer real property rights to a designated beneficiary upon your death. A TODD is an alternative to other forms of estate planning such as wills and trusts. Using a TODD is simple and efficient. To initiate a TODD, you must fill out and sign the deed. The deed must be recorded in the local county recorder office and a property tax statement must be obtained. Both the deed and the necessary taxes must be paid in order to confirm the change of ownership upon your death. Once the deed is recorded, the beneficiary can take possession of the real property upon your death without the need for probate court proceedings. Your designated beneficiary will become the full owner of the property on your death, without having to worry about any claims made by creditors or other family members. TODD can be a great alternative to other forms of estate planning because it is easier to set up and simpler to administer. It may be best suited for those that do not have large or complex estates, as it simplifies the transfer of ownership rights at the time of death.

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What is a transfer on death deed and how does it work?

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