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

A transfer on death deed (TODD) is a special type of document that allows an owner of real estate in Virginia to transfer their real estate to someone else upon their death. It is an alternative to traditional estate planning tools such as wills and trusts, which can take significant time and money to set up. A TODD works by allowing the owner of the property to keep ownership of the real estate during their lifetime, and to designate an eventual beneficiary with a named transfer on death deed. Upon the death of the owner of the property, the TODD effectively transfers the real estate to the designated beneficiary without going through probate. This means that the ownership of the property is transferred quickly and without expensive court fees. In order to make a valid TODD, the owner of the property must have legal title to the real estate, and must sign the deed in the presence of two witnesses. Additionally, the deed must be filed with the clerk of the circuit court in the county where the property is located. The advantage of a TODD is that it allows an owner to easily transfer ownership of their real estate with minimal time and effort, without the need for probate. It also helps to eliminate the need for expensive probate proceedings. However, it is important to note that a TODD does not replace the need for a will or trust, and should only be used as an additional estate planning tool.

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

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