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What is a Transfer on Death Deed?
It's important to know that a Transfer on Death Deed trumps anything else you have in place—like a trust, will, or any other legal document. This form can be an excellent tool to ensure that your property goes to the right person (or people). But you have to keep it updated. Make sure you keep it with the rest of your estate plan and update it accordingly. Think it's right for you? A Transfer on Death Deed can help you etch your wishes in stone.
Important Note: Transfer on Death Deeds are currently only allowed in the following states: Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Hawaii, Illinois, Indiana, Kansas, Maine, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming. Transfer on Death Deeds may called a Ladybird Deed in Florida, Michigan, Texas, Vermont, and West Virginia.
In addition, a Transfer on Death Deed overrides any existing claim (s) to the property which may be in a will or trust. For example, a TOD overrides any statement in your will leaving the property to other beneficiaries.
When to use a Transfer on Death Deed:
- You would like to transfer ownership of your property to a beneficiary, but not until your death.
- You want to avoid probate court.
- You would like to retain ownership, responsibility, and control of your property while you are alive.