TOD deeds are legal documents that can be filed in local land records offices, and do not require the notice of the beneficiary, though it’s probably a good idea to give them a heads up.

Once the deed is set up, a one-time cost of $27 is required to file the document with the recorder of deeds. "Beneficiary deeds are great documents, especially for families," Gunn told 5 On Your Side.

Whether you can set up a TOD deed for your real estate depends on what state the property is in (29 states and Washington D.C. allow it), what type of property you own and who you want to leave it to.

One such document is a beneficiary deed, which lets people name someone to inherit their property after their death. While some law firms charge hundreds of dollars for the document, 5 On Your ...

A grantee beneficiary is an individual or entity designated to receive certain assets, often in a trust or transfer-on-death deed arrangement, after the original owner dies. Unlike traditional ...

When the homeowner dies, the beneficiary named on the deed gets the house right away. "It’s the difference between off-the-rack and custom tailoring," said Thomas Gallanis, ...

TOD deeds are legal documents that can be filed in local land records offices, and do not require the notice of the beneficiary, though it’s probably a good idea to give them a heads up.

Continue reading → The post How a Transfer on Death Deed Works appeared first on SmartAsset Blog. If you have real estate property, and want it to transfer to loved ones without passing … ...