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

A transfer on death (TOD) deed is a legal document used in South Carolina to transfer real estate to another party upon the owner’s death. It is an alternative to a will and works by allowing an owner to designate a beneficiary who will inherit the property upon the owner’s death. A transfer on death deed can be used to transfer any real estate in South Carolina, including land, buildings, and other improvements to the land. To set up a transfer on death deed, the owner of the property must fill out and sign a form in front of two witnesses. The TOD must be signed by the owner and the two witnesses, and then must be filed with the South Carolina Register of Deeds. The deed must also include the following information: the name of the owner of the property, the name of the beneficiary or beneficiaries who will inherit the property, and a legal description of the property. Once the deed is filed, the owner retains the rights and ability to use the property just as they did before filing the deed. Upon the death of the owner, the beneficiary listed on the TOD deed can file an affidavit with the Register of Deeds and take ownership of the property. The TOD deed is a valuable estate planning tool because it makes the process of transferring real estate to the owner’s beneficiaries much simpler and faster than a traditional will. It also avoids the need to go through the probate process, which can take months or even years to complete.

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

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