Wouldn’t it be nice if we could avoid having to probate a home? Well, you can, and it’s easy with a transfer-on-death deed (TOD deed). A TOD deed is a simple deed that allows you to name the family member that you would like to inherit your home after your passing. Once you pass away, that individual inherits your home directly, avoiding the need for probate.
In most states, there are a few administrative steps the beneficiary must take to transfer title of the property to themselves. Most frequently, the beneficiary will need to file in the public land records:
- a short sworn statement (affidavit) and
- a certified copy of the death certificate.
But the exact rules can vary by state as well as county. Some additional documents that might be required include:
- A real estate transfer statement
- Death certificates of deceased beneficiaries that were listed on the TOD deed, and
- A clearance certificate (which has to do with whether the property is subject to Medicaid reimbursement).
It’s important to note that a TOD deed cannot be used to avoid the transfer of the property to Medicaid after your passing.
To find out more about a TOD deed and how to complete this easy process, contact Anne McMichael at [email protected] or at 303-572-4200.