What is a transfer on death deed?

A transfer on death deed (TODD) is a type of probate law in New York that allows the transfer of real estate ownership after the death of the owner. The TODD enables the decedent to transfer the property without having to go through probate court. It is similar to a revocable living trust in that it allows the owner to maintain control of the property during their lifetime, but unlike the trust, it does not require a trustee to manage the property while the owner is living. A TODD is also known as a “Beneficiary Deed”, and it allows the owner to name a beneficiary to receive the real estate upon their death. The owner has full control of the property until their death, at which point the deed transfers ownership of the property to the designated beneficiary. The beneficiary does not need to go through probate court and does not have to pay taxes on the assets for the owner’s estate. TODDs are a great way to prevent future hassles with probate court. They are relatively easy to set up, and they provide an easy way to transfer ownership that is both convenient and cost-effective. The beneficiary must still comply with any existing liens, mortgages, or other legal obligations associated with the property after taking ownership.

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What is a transfer on death deed?

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