What is a transfer on death deed?

A transfer on death (TOD) deed is a legal tool used in Washington to transfer ownership of real property from one person to another upon death. It is similar to a living trust in that it allows for the transfer of assets without going through probate. The difference is that with a TOD deed, the transfer of ownership only occurs upon the death of the grantor, whereas with a living trust, ownership can be transferred at any time. In Washington, a transfer on death deed must be signed and recorded in the real estate records before the grantor’s death. It must include the grantor’s name and address, as well as a legal description of the property being transferred. The deed must also state the grantee’s name and address, and the grantee’s right of ownership upon the death of the grantor. Once the grantor passes away, the transfer on death deed is effective and the grantee then owns the property. The deed bypasses the probate process, and the grantee’s ownership is not subject to the approval of a court. The grantee also does not need to file any additional documents or pay any additional fees to assume ownership of the property. Transfer on death deeds can be a useful estate planning tool because they allow for the smooth transfer of real property without going through the lengthy and expensive process of probate. However, it is important to consult with an experienced attorney to make sure the deed is properly prepared and all legal requirements are met.

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What is a transfer on death deed?

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