{"id":2095,"date":"2022-03-18T10:00:00","date_gmt":"2022-03-18T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2095"},"modified":"2024-04-25T23:18:46","modified_gmt":"2024-04-26T03:18:46","slug":"as-boomers-retire-the-transfer-on-death-deed-comes-of-age","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/as-boomers-retire-the-transfer-on-death-deed-comes-of-age\/","title":{"rendered":"As Boomers Retire, the Transfer on Death Deed Comes of Age"},"content":{"rendered":"\n
\"The<\/figure><\/div>\n\n\n\n

Each day, about 10,000 baby boomers reach retirement age. Their recent frustrations, as they\u2019ve grappled with Covid-19, have only accelerated the national jump to retirement<\/a>. And now, this large cohort of retirees is thinking about getting its financial affairs squared away.<\/p>\n\n\n\n

Baby\u00a0boomers\u00a0still hold the lion\u2019s share of\u00a0real estate assets in the United States.\u00a0At some point, their thoughts turn to what they\u2019ll do with the houses they own. Right on cue, the concept of the transfer on death deed<\/em> is rising in popularity. This year, the Washington Post<\/em><\/a> wrote about TOD deeds as good alternatives to wills and trusts. Forming a trust can expensive, the article notes, and might be too complicated for someone with few assets beyond the home.<\/p>\n\n\n\n

This new breed of beneficiary deed will transfer a great deal of real estate wealth to upcoming generations \u2014 without the use of a will or the complications of joint ownership.<\/p>\n\n\n\n

The transfer on death deed does for houses what a beneficiary form does for a retirement account or insurance benefits. It\u2019s main selling points? Simplicity. Control. And the ability to transfer ownership of property upon death, without putting the beneficiaries through the probate process.<\/p>\n\n\n\n\n\n\n\n

Beneficiaries Are Not Owners: They Can Be Changed<\/strong><\/h2>\n\n\n\n
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The beneficiary is not a joint owner. The beneficiary has no say over the property until the creator of the transfer on death actually dies. The homeowner can take out secured loans on the property and make any other decisions involving it.<\/p>\n\n\n\n

Only when the owner dies, leaving a valid transfer on death deed, is the transfer official. Then, the new deed holder is automatically responsible for any mortgage or other liens, and any encumbrances on the property.<\/p>\n\n\n\n

\u261b<\/em> If you are in a state that has adopted this simple means of title conveyance after death, you may create your deed at any time. <\/em><\/strong>Deeds.com has transfer on death deed information and forms<\/em><\/strong><\/a>.<\/p>\n\n\n\n

A valid TOD deed is recorded during the owner\u2019s lifetime, following the procedure set forth in the property\u2019s county. We lay out the steps here<\/a>. The recorder of deeds will charge a fee for dating and recording. Because the act of recording does not transfer the house yet, there\u2019s no taxable event. But the recording is public notice that the title will go to the named beneficiary when the owner dies. Once your TOD deed is placed in the public record:<\/p>\n\n\n\n