Austin Probate Lawyer

A new Minnesota law makes it less expensive and less complicated for Minnesotans to transfer their real property upon their death.

The Transfer On Death Deed (or TODD) legislation went into effect in July. TODD allows an individual to sign and record a deed transferring real estate directly to a named beneficiary when the original owner dies. This allows the recipient to avoid probate on the property. This deed transfer is very similar to financial accounts with a “pay on death” designation.

The legislation is currently popular among real estate practitioners and is expected to become popular among and appreciated by consumers.

The transfer on death deed must be recorded before the grantor’s death. While living, the grantor retains full ownership rights over the property, including the right to revoke the deed or even sell the property.

Also, filing a TODD may direct the transfer of real estate to one or more named beneficiaries, to a class of beneficiaries, or even to the trustee of a trust fund.  Because the beneficiary has no ownership until after the grantor’s death, the property is protected from potential claims from creditors.

For more information on protecting your assets and securing your estate, contact the Austin probate lawyers of Slater & Kennon at 512-472-2431.