Transfer on Death Deed

Owning a home in New York is a major milestone, but planning how it passes to loved ones after you’re gone can feel overwhelming.

Enter Transfer on Death Deeds (TODDs), a new tool in New York as of July 2024, designed to simplify transferring your property to beneficiaries without probate’s hassle.

WHAT IS A TODD?

A Transfer on Death Deed lets you name a beneficiary to automatically inherit your property—such as a condo or house—upon your death. Unlike a will, it avoids probate, saving time and money. You keep full control during your lifetime, able to sell or change the deed anytime. It’s simple but has specific requirements to get right.

WHY IT MATTERS (NY)

Introduced in April 2024 through Governor Hochul’s budget, TODDs took effect July 19, 2024, aligning New York with over 30 states. In New York’s competitive housing market, TODDs help homeowners ensure a smooth transfer to heirs. However, details like equal distribution to beneficiaries may not suit everyone. To see if it is right for you, contact us today.

SKIP PROBATE

TODDs are a game-changer for New York homeowners, but they require careful planning. At our firm, our team is here to guide you through TODDs to ensure your property passes seamlessly to your heirs, anywhere in New York. Contact us for personalized advice today. To learn more about our real estate service, click here

Disclaimer: This post is for informational purposes only and is not legal or tax advice. Consult our qualified attorneys for your specific needs.