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

A transfer on death deed (TODD) is an estate planning tool used in New York state. It allows property owners to transfer ownership of real estate upon their death without having to go through the probate process. With a TODD, the deed is automatically transferred from the original owner to another person or entity, usually designated by the original owner. When creating a TODD, the original property owner will specify the beneficiaries who will receive the property upon their death. They also choose how the deed will be transferred. Generally, the deed will be transferred to the beneficiary in full, or it can be divided among several different beneficiaries. When the original owner dies, the property ownership will go directly to the beneficiaries without going through the court. This is advantageous because it saves time and avoids the need to pay probate expenses and fees. The property can also be transferred to its designated beneficiaries in a matter of days, rather than weeks or months. TODDs are a useful estate planning tool and can help ensure that property is transferred according to the wishes of the original owner. They offer a simpler and more efficient alternative to a traditional will and help to protect a person’s assets after they pass away.

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

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