A Transfer on Death Deed can be a key component of a simple estate plan. These are especially good for clients with one or two mature beneficiaries, such as adult children.
What Is a Transfer on Death Deed?
A Transfer on Death Deed (TODD) is essentially a beneficiary designation for real estate (in fact, some states just call them “beneficiary deeds”), which allows your real estate to avoid probate. If your real estate is your primary probate asset—most other assets already have beneficiary designations—and it’s a good fit for your beneficiaries, then it can be a great tool.
In Wisconsin, these are called a Designation of TOD Beneficiary (TOD).
Get a TODD as a Standalone or as Part of Your Estate Plan
Although I often do Transfer on Death Deeds as part of a complete estate plan, they can also be a nice addition for people who already have a basic will.
“I want a simple way to give my real estate to my family when I die.”
Often my clients need a “regular deed” (called a Warranty Deed or Quit Claim Deed) as part of their estate plan or as a separate service. If you already have a Trust but need to put a property into or take it out of the Trust, you may need a regular deed, TODD, or a Trustee’s Deed.
Common situations where a deed is needed:
- You bought a house, then got married, and want to add your spouse as a Joint Tenant.
- You bought your house with your spouse before you got married. Your deed names you as Tenants in Common and you want to be Joint Tenants because of the estate planning benefits.
- You made a trust a long time ago, have moved, and need to put your current house into your trust.
- You made a trust a long time ago, you bought a cabin and just remembered it’s supposed to be in the trust.
- You have a trust, refinanced and the mortgage company took your house out of trust but didn’t put it back in.
Do You Need Transfer on Death Deed or Something Else? Call to Find Out.
Often simple solutions can have a huge impact on how your home or cabin passes to family after death. I can help you understand your options and pinpoint the best solution for you. To learn more, I welcome you to contact me today.Get started today