What is the drawback of a TOD Deed? First, Transfer on Death Deeds are not available in all 50 states. They came to Wisconsin in 2006, and exist in about a dozen other states (see a previous post for a listing). TOD Deeds do not allow for contingent planning. Essentially you cannot say I leave this to Sue, and if Sue predecease me then to Tim. Finally, TOD Deeds require you to list people. You cannot list a class of people, such as "my children".
TOD Deeds offer a nice alternative to the traditional living revocable trust, which historically was used to transfer homes outside of probate. However, TOD Deeds are far less expensive and cumbersome to use.
If this sounds appealing, contact a lawyer in your area to see if the option is a good one for you. Remember, a blog is just a blog....it is not legal advice.
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