BenefitsTop Six Benefits of Using a Transfer on Death Deed
Retain Ownership & Control
Unlike a trust, you retain full ownership & control of your property for as long as you live. Like a Will, you decide in advance who inherits your real estate.
A TOD Deed is inexpensive to implement & can save your loved ones thousands of dollars by not having to probate a Will or administer an estate.
A TOD Deed allows you to transfer real estate without a time consuming and expensive probate process.
A Transfer on Death Deed may be revoked at any time. Furthermore, if the property is sold the TOD Deed is null and void.
Stepped Up Tax Basis
The beneficiary’s tax basis in the property will be stepped up to the fair market value on the date of your death just like if they had to probate your Will.
Retain Homestead Benefits
Using a Transfer on Death Deed for your primary residence/homestead is very common and does not adversely effect your homestead exemption.
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