Transfer on Death Designations (TOD Deeds) is a newer way of passing property to heirs besides the traditional will documents.
ABOUT TOD DEEDS
What is a Transfer on Death Designation (TOD Deed)?
Transfer on Death Designations (TOD Deeds) allow an owner of real property to name one or more beneficiaries to receive the property immediately upon death without going through probate. A Transfer on Death Deed is created and signed by the property owner, who names the person to receive the property in the Deed (the “beneficiary”). Upon the creator’s death, the property is automatically transferred to the beneficiary through the deed documents.
Unlike a will, a Transfer on Death Deed does not have to go through the expensive probate process. Because of this, a Transfer on Death Deed might be the best way to ensure that your property goes to your desired beneficiary when you die.
Can I Sell or Mortgage the Property Listed in the TOD Deed?
Yes. A Transfer on Death Deed does not change your rights to your property. You may sell the property, get a mortgage on it, use it as collateral, get property tax exemptions or exercise any other property right you currently have. The Transfer on Death Deed does not take effect until after you die.
Can I Cancel, Revoke or Change a TOD Designation?
A designation may be canceled or changed at any time by recording a TOD Designation that either designates a new beneficiary or no beneficiaries at all. You cannot change the beneficiary of a Transfer on Death Deed by writing a will.
When Should Use of a TOD Deed Be Avoided?
While a benefit of the TOD Deed can be to prevent a lengthy and costly probate, it is not always the most appropriate method to transfer real property at death. If there is a need to protect assets for minor children or protect it from adult children, their creditors or divorces, a TOD Deed may not be advisable.
The Transfer on Death Designation (TOD Deed) is a useful estate planning device but as every situation is unique, you should consult with an attorney to discuss the benefits of a Transfer on Death Designation (TOD Deed).
HOW IT WORKS
Start by contacting us.
Your attorney will review the process of transferring your property by TOD Deed.
Your attorney prepares your TOD Deed and emails it to you.
Print your TOD Deed and sign it in the presence of a local Notary Public.
Mail the original, signed and notarized Deed to our office.
Your lawyer records the TOD Deed with the Register of Deeds.
Your original recorded TOD Deed is mailed to you.
Start to finish in under two weeks.
OUR REASONABLE FLAT FEE
OUR FLAT FEE:
Includes discussing, drafting, recording and delivering your recorded deed to you.
RECORDING FEE CHARGED BY COUNTY:
DEED SEARCH CHARGED BY COUNTY:
TOTAL FEE CHARGED UPON COMPLETION:
* We reserve the exclusive right not to offer the flat fee to a prospective client depending on the proposed transaction such as the number of lots or parcels being transferred and an unusual number of Grantors or Grantees. In that event you would be notified at the start of the process and before any work is performed on your behalf. Flat fee does not include any transfer fee, if any, imposed by the State of Wisconsin.