Since July, 2024 New York property owners have had a new tool in their toolbox when it comes to estate planning……the Transfer on Death Deed.
Simply put, the Transfer on Death Deed is a type of deed in which a property owner transfers ownership to another party but the ownership only takes full effect upon the property owners’ death. It avoids the time and expense of Probate or Administration of the deceased property owner’s estate before the property can be sold, etc.
Unlike a Life Estate Deed or a Trust, the Transfer on Death Deed is revocable by the property owner up until the time of their death. That means the property owner can change their mind at any time or for any reason. Unlike a Life Estate Deed or Trust, the Transfer on Death Deed is very flexible. For example, a property owner that decides to sell their property simply revokes the deed and sells the property as normal.
As with any estate planning device or strategy, a Transfer on Death Deeds is not a universal, one size fits all answer. To determine whether a Transfer on Death Deed is right for your situation you should first consult with an attorney.
To schedule a consultation and see if a Transfer on Death Deed is right for you contact Beige Law, PLLC.