This form is a Minnesota Transfer on Death Deed from an individual Grantor Owner to an individual Grantee Beneficiary. The Grantor Owner retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee Beneficiary might receive in the future, without joinder or notice to Grantee Beneficiary. Upon the death of the Grantor Owner, assuming the property has not been transferred by subsequent deed to others, and the deed was recorded properly before Grantor Owners death, the property shall vest in the Grantee Beneficiary. The form also provides the option to name a successor beneficiary in the event the Grantee Beneficiary predeceases the Owner Grantor. This deed complies with all state statutory laws.
Mn Transfer On Death Deed
Category:
State:
Minnesota
Control #:
MN-01-82
Format:
Word;
Rich Text
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How to fill out Minnesota Transfer On Death Deed - Individual To Individual?
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FAQ
A motor vehicle is registered in transfer-on-death form by designating on the certificate of title the name of the owner and the names of joint owners with identification of rights of survivorship, followed by the words ?transfer-on-death to (name of beneficiary or beneficiaries).? The designation ?TOD? may be used ...
A transfer on death deed is valid if the deed is recorded in a county in which at least a part of the real property described in the deed is located and is recorded before the death of the grantor owner upon whose death the conveyance or transfer is effective.
At your death, the real estate goes automatically to the person you named to inherit it (your "beneficiary"), without the need for probate court proceedings. (Minn. Stat. § 507.071.)
Disadvantages of a Transfer on Death Deed For example, your property will be subject to probate court if your beneficiary predeceases you and you lack an alternate estate plan. Another disadvantage is if you co-own property under a joint tenancy.
An Affidavit of Survivorship is a legal document used in Minnesota to transfer the ownership of real estate from one party to another when one of the parties has died. It is typically used by the heirs of a deceased party to transfer the deceased's ownership interest in real estate to the surviving owner.