how to avoid probate using transfer on death deed

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sdoka

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Post Posted: Mon Nov 13, 2006 4:50 pm    Post subject: how to avoid probate using transfer on death deed
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I am in Ohio and wanted to know about the transfer on death deed and can it be used to avoid probate
Icon Mini Profile colin
colin
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Post Posted: Mon Nov 13, 2006 5:02 pm    Post subject:
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Hi Sdoka,

Yes Transfer on Death Deed can be used to avoid probate. It is a real estate deed with a provision allowing the property owner to transfer the ownership to a person designated in the deed after his death.

After the death certificate and an affidavit are filed in the Recorder's office the property gets transferred to the designated beneficiary.

The affidavit should:
  1. State that the owner of record is deceased,
  2. Identify the property,
  3. Name all beneficiaries who survived the property owner, and
  4. Name all beneficiaries who did not survive the property owner.

Colin
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Post Posted: Mon Nov 13, 2006 5:14 pm    Post subject:
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Hi,

Let me add that where there are multiple beneficiaries named in the deed, all the beneficiaries become co-owners and each get equal share in the property.

Also all the beneficiaries should agree to any sale, division or transfer of the property. And take the property subject to any liens or other rights of the creditors over the property.

Only those beneficiaries who survived the property owner are eligible to inherit the property. Therefore, you cannot specify a class of people, such as "my children" or "my lineal descendants, per stripes," as you can in a Will or trust.

Hope this information will be helpful to you.

Thanks
Blue
sdoka

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Post Posted: Mon Nov 13, 2006 5:24 pm    Post subject:
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Thanks Colin and Blue for providing information about transfer on death deeds. It really helped a lot.
Icon Mini Profile sara
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Post Posted: Mon Nov 13, 2006 10:57 pm    Post subject: RE: transfer on death deed
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Hi Sdoka,

The Transfer on death deed or Beneficiary deed is applicable in seven states Arizona, Colorado, Kansas, Missouri, Nevada, New Mexico and Ohio. The beneficiary named on the deed cannot get hold of the interest in the property until and unless the owner dies. The owner has the right to change the beneficiaries any time and for any reason.

For more information on Beneficiary Deed , refer to a previous discussion.

Thanks,

Sara
Dowe

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Post Posted: Thu Apr 05, 2007 3:03 pm    Post subject:
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where can I get a transfer on death form to be used in ohio...
Icon Mini Profile miller_st
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Post Posted: Thu Apr 05, 2007 3:07 pm    Post subject:
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Hi Dowe,

You will get the format of a TOD form on this page, http://codes.ohio.gov/orc/5302.22

Miller
jj

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Post Posted: Sun Mar 08, 2009 12:23 pm    Post subject: Medicaid, bene, TOD
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If there is a Medicaid claim in which all the money due is available in the estate checking accout, does any money have to come out of the house from a TOD? Does the beneficieries in the will have a right to claim funds from the selling of the house in which they were not benefiecieries on the TOD?
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