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In Pennsylvania, real estate cannot be transferred via a TOD deed. Instead, the owner of the property can utilize a will, a living trust, or joint ownership to transfer property upon death. These methods should be discussed with an experienced estate planning attorney to understand their implications fully.
In Pennsylvania, the law allows you to register your bank accounts and certificates of deposit so that your named beneficiary automatically becomes the owner upon your death. To achieve such a result, you simply open the account in your name, but list the account as being ?in trust for? your beneficiary.
Transfer-on-Death deeds also do not allow for naming a contingent beneficiary on the deed like a trust document that owns the property does. Secondly, if the intended beneficiary is a minor, the minor would not be able to manage or transfer the property until they reach the age of 18.
Pennsylvania does not allow transfer-on-death deeds for real estate or vehicles. However, the state does allow registered stocks and bonds to be transferred on death.
Pennsylvania does not allow transfer-on-death deeds for real estate or vehicles. However, the state does allow registered stocks and bonds to be transferred on death.