Transfer on Death Deed Archives - Page 2 of 2

October 13, 2014November 3, 2018

Nebraska Statutory Transfer on Death Deed Options

The Nebraska Uniform Real Property Transfer on Death Act is found at Sections 76-3401 to 76-3423 of the Nebraska Revised Statutes. This useful law provides an option for land owners to convey their real estate after their death, but without the need to include it in a will.

A transfer on death deed (TODD), when lawfully executed, allows property owners to retain absolute title to and control over their land during their lives ( 76-3414). The deeds are also revocable (76-3413). In part, these features are possible because unlike traditional deeds (warranty deeds, quitclaim deeds, etc.), TODDs do not require consideration from or notice to the beneficiary ( 76-3411).

September 19, 2014October 29, 2018

Dower, Joint Tenancy, and Ohio’s Transfer on Death Instruments

Transfer on death deeds (“TODs”) are used to convey property rights to one or more beneficiaries after the owner dies. Unlike most other assets in an estate, property conveyed in a transfer upon death is not subject to probate distribution. In addition, as nontestamentary instruments, these conveyances are not affected by provisions of the deceased owner’s will. Ohio’s transfer on death instruments are governed by R.C. 5302.22, and were originally introduced as transfer on death deeds in 2002. Revised to the current format of transfer on death designation affidavits in 2009, these documents, when lawfully executed and recorded, provide a flexible and convenient estate planning tool for owners of Ohio real property.

July 23, 2014November 3, 2018

Frequently Asked Questions about the Alaska Transfer on Death Deed

Real property owners in Alaska have a new estate planning option: the transfer on death deed (TODD).

Alaska joins with an increasing number of states using this law to help real estate owners manage the distribution of what is often their most significant asset — their real estate — by executing and recording a transfer on death deed.

July 17, 2014October 29, 2018

What is the Difference Between an Ohio Survivorship Deed and a Transfer on Death Designation Affidavit?

A survivorship deed conveys title rights to property upon execution and recording. As such, it is appropriate for a situation where the owners are married or are otherwise willing to be connected by concurrent (joint) ownership. If one of the co-owners dies, his or her share of the real property passes immediately to the surviving owners, but the transfer must be formalized by submitting an affidavit as described in O. R. C.5302.17.

June 20, 2014November 3, 2018

West Virginia Transfer on Death Deed Law for Real Estate

Earlier this year, the West Virginia legislature voted to join with 13 other states and adopt the Uniform Real Property Transfer on Death Act (URPTODA). The law is found at 36-12-1 et seq in the Code of West Virginia, and went into effect on June 5, 2014. This act allows owners of real property in the state to control the distribution of what is often their most significant asset, their real estate, by executing and recording a transfer on death deed (TODD).

February 27, 2014October 30, 2018

Transfer on Death Deeds and Joint Tenancy

Transfer on death deeds (TODDs), sometimes also called ladybird deeds, enhanced life estate deeds, or beneficiary deeds, can be useful components of a comprehensive estate plan. Still relatively new, they are gaining acceptance across the US; as of 2013, they are valid in more than twenty states. These instruments, when lawfully executed and recorded, allow owners of real estate to pass the property to named beneficiaries after the owner’s death, and without the need for probate.

January 3, 2014October 29, 2018

New Mexico Updates Transfer on Death Deeds in 2014

Recently, the state legislature revisited the original transfer on death deed statute and decided it was due for an update. So, on January 1, 2014, New Mexico joined with eleven other states to adopt the Uniform Real Property Transfer on Death Act (URPTODA), found at §§ 45-6-401 through 45-6-417 NMSA 1978 (2014). This revision of the law enhances and adds clarity to the state’s previous transfer on death statute.

January 22, 2013November 3, 2018

Understanding the Indiana Transfer on Death (Ladybird) Deed

Indiana outlines the rules for its transfer on death deed in IC 32-17-14 — the “Transfer on Death Property Act.” The act, which became effective on July 1, 2009, gives owners/grantors of real estate in Indiana the ability to initiate, but not complete, the transfer process to a designated beneficiary while retaining absolute control in the property. This means the owner (grantor) may sell, rent, mortgage or otherwise use the property with no penalty for waste or obligation to the named beneficiary. In addition, because the conveyance does not take effect until the owner’s death, he/she may change or remove, at will, the primary beneficiary, contingent beneficiary, or how multiple beneficiaries will take ownership (joint tenants with rights of survivorship, tenants in common, etc.). IC 32-17-14-16 contains the process for changing or revoking beneficiaries. Because of the potential for change, there is no obligation for the beneficiary/grantee to provide consideration (money or something else of value).

February 6, 2012October 30, 2018

Illinois Transfer on Death Instrument for Real Estate

On January 1, 2012, the Illinois Residential Real Property Transfer on Death Instrument Act (755 ILCS 27) went into effect. With it, owners of residential real property in Illinois have a new choice for non-probate asset allocation—the transfer on death instrument (TODI).