The designation may be canceled or changed at any time by the sole owner or all then surviving owners, without the consent of the beneficiary, by executing and recording another deed that designates a different beneficiary or no beneficiary. The recording of a deed that designates a TOD beneficiary or no beneficiary revokes any designation made in a previously recorded deed relating to the same property interest.
Tuesday, July 28, 2009
Wisconsin's Transfer on Death Deed
Several years ago Wisconsin enacted legislation allowing people to use a Transfer on Death Deed, which allows them to leave someone property outside of the probate system. It is a two part system. First, the property owner(s) executes a TOD Deed where they name a beneficiary (it must be a person, i.e. Jane Smith, rather than a class, i.e. children) of the property and record the deed with the County Register of Deeds office. Second, upon the owner's death, the beneficiary files a form with the Register of Deeds and the property is transferred to them as the new owner. This all occurs outside of the probate process. It can be an affordable alternative to a will or trust, however, it does not allow for contingency planning. Recently someone asked, can a TOD Deed be undone? The answer is yes. Wisconsin Statutes, Section 705.15(3) states in part: