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.

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.

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 ...

In contrast, a deed of trust involves three parties: a borrower (or trustor), a lender (or beneficiary), and the trustee. Deed of Trust vs. Mortgage Deeds of trust can be compared with mortgages.

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 ...

The mortgagee’s interest in a mortgage or the beneficiary’s interest in a deed of trust can be transferred from one person or entity to another, and, aided by the transferability of secured ...

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 … ...