New York State to Allow Transfer on Death Deeds (TOD Deeds) to Avoid Probate
Starting July 19, 2024, New Yorkers have a new way to transfer property after they die - Transfer on Death Deeds (TOD Deeds). This is great news because it lets you avoid the probate process, which can be time-consuming and expensive. Here's how TOD Deeds work: Name one or more people (beneficiaries) to inherit your property upon your death. The TOD Deed is recorded in the county where the property is located. Important: The TOD Deed doesn't take effect until you die, and you can change your mind and revoke it at any time during your lifetime. Benefits of TOD Deeds: Saves time and money by avoiding probate court. You can still sell, give away, or mortgage the property while you're alive. How to make a TOD Deed: Have the TOD Deed signed by two witnesses who see you sign it. Record the TOD Deed in the county where the property is located. Things to Keep in Mind: Beneficiaries inherit the property "as is," meaning they are responsible for any outstanding debts or ...