What is a transfer on death deed?

Minnesota estate planning attorney Karen Schlotthauer explains that a transfer on death deed is like a beneficiary designation for real estate.

Contact Karen Schlotthauer

Email: [email protected]

Phone: (612) 336-9324

Transcript:

A transfer on death deed is like a beneficiary designation for real estate. So people may have all non-probate assets, except for their home, and they want it to go to maybe one or two people. They can use a transfer on death deed to make that home a non-probate asset and avoid the use of, let’s say, a revocable trust in that situation. It’s a very low-cost, efficient, easy-to-implement alternative to a revocable trust.