This form is a Transfer on Death Deed where the Owner is an individual and the beneficiaries are four individuals. One beneficiary takes a 50% interest and the remaining 50% interest goes to the remaining three beneficiaries in equal shares. This transfer is revocable by Owner/Grantor until death and effective only upon the death of the Owner/Grantor. The grantees take the property as tenants in common. This deed complies with all state statutory laws.
Kansas Transfer on Death Deed - Individual to Four Individuals in Stated Shares - TOD
Category:
State:
Kansas
Control #:
KS-025-77
Format:
Word;
Rich Text
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How to fill out Kansas Transfer On Death Deed - Individual To Four Individuals In Stated Shares - TOD?
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FAQ
On a nonretirement account, designating a beneficiary or beneficiaries establishes a transfer on death (TOD) registration for the account. For an individual account, a TOD registration generally allows ownership of the account to be transferred to the designated beneficiary upon your death.
You can sidestep probate entirely by naming a beneficiary on stocks. Beneficiaries can be individuals or organizations like charities. To name a beneficiary for stocks, you must register the shares in what is known as transfer-on-death form.
TOD account holders can name multiple beneficiaries and divide assets any way they like.However, the beneficiaries have no access or rights to a TOD account while its owner is alive. Those beneficiaries can also be changed at any time, so long as the TOD account holder is deemed mentally competent.
An account holder may choose to list both of their children as equal beneficiaries. However, an account holder can also choose to list individuals in unequal amounts. For example, you could designate a primary beneficiary to receive 50 percent of the funds and two secondary beneficiaries who receive 25 percent each.
Get a Deed Form or Prepare Your Own. You can buy a state-specific TOD deed form for your state or type up your own document. Name the Beneficiary. Describe the Property. Sign the Deed. Record the Deed.
A TOD designation supersedes a will. For bank accounts, you can set up a similar account known as payable-on-death, sometimes referred to as a Totten trust. Your beneficiaries can't touch the account while you're alive, and you're free to change beneficiaries or close the accounts at any time.
Accounts or assets with named beneficiaries may be transferred without going through the probate process.If there is a TOD on the account, the assets will only go to the beneficiary if both joint owners pass away. In either case, the asset will not likely go through probate.
All you need to do is fill out a simple form, provided by the bank, naming the person you want to inherit the money in the account at your death. As long as you are alive, the person you named to inherit the money in a payable-on-death (POD) account has no rights to it.