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If you own your home, you'll probably want to take steps to keep your house—likely one of your most valuable assets—out of probate when you die. A living trust works well, but you might not want to go to the trouble and expense of creating one. Here's good news: Most states now offer transfer-on-death deeds (TOD deeds), an easy and effective alternative for transferring real estate upon your death.
What Is a Transfer-on-Death Deed or Beneficiary Deed?
A TOD deed is like a regular deed used to transfer real estate, with a crucial difference: Instead of taking effect immediately, a TOD deed doesn't take effect until your death. In some states, this deed is called a "beneficiary deed" because it's a deed that names the beneficiary of the property when you die.
Advantages of TOD Deeds:
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Transfer-on-death deeds protect your property from probate.
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TOD deeds are fairly easy to create.
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You can change your mind at any time and revoke the TOD deed.
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After your death, it's usually a simple process for beneficiaries to transfer the property title to themselves—there's no need to go through probate, saving the beneficiaries time and money.