This form is a sample letter in Word format covering the subject matter of the title of the form.
State Bar Form 9-2009 In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-0001LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
The TOD account owner can choose, among other entities, his or her estate, individuals (including minors), trusts, and churches as beneficiaries. You retain control.
Real Prop. Law § 423. Upon the death of an owner of registered real property, it shall be incumbent upon the surviving spouse or the joint tenant with right of survivorship to present to the registrar a petition on the annexed form, for the transfer of the title into the name of the survivor.
Unless you have a complex situation or have specific concerns, you likely won't need a lawyer to create a TOD deed. But you will need to make sure that the TOD deed you make is valid in your state, since each state's rules are a little different.
How the TOD Designation Works. The beneficiary's rights. The person you name in the TOD designation to inherit the property doesn't have any legal right to it until your death—or, if you own the property as a "joint tenant" or with "rights of survivorship" with someone else, until the last surviving owner dies.
New York now has a Transfer on Death deed, which goes into effect on July 19, 2024. Traditionally, if a client wants to avoid probate for their real estate, we must create a trust and transfer the deed into the name of the trust. A trust avoids Surrogates Court and the property passes seamlessly to beneficiaries.
Disadvantages of transfer on death deeds Creditors may come after the new owner(s) of the property. Beneficiaries may get equal shares of the asset. Not available in many states. Unintentional disinheritance. Raises the risk that estate planning documents don't match.
New York's new transfer on death deed scheme provides yet another valuable tool which, if used properly, can simplify the transfer of real estate to beneficiaries while avoiding the costs and time delays of probate.
