yes, minnesota has a law that lets you transfer the title to real estate when you die to avoid probate. it is like the “payable on death” (pod) designation on a bank account. do not use a todd to give property to an adult who gets government benefits because of a disability and their low income. a todd can be used instead of a will to transfer real estate at your death. you can also use a todd to transfer property to your life partner or to anyone else you want to. the todd does not avoid a claim or lien the state has against your property if you had medical assistance (ma) or general assistance (ga) in your lifetime. you don’t have to give the todd to the beneficiary during your lifetime and you don’t need their permission to cancel it. a life estate gives someone a future interest in the property.
talk to a lawyer before giving your home to your children or someone else in a quit claim deed. a todd can be cancelled (revoked) or changed any time before your death. you can’t use a todd to keep your spouse from getting their interest in real estate at your death. a todd can be helpful for estates that don’t need estate tax planning and where the only asset subject to probate is the home. as with any estate planning decision talk to a lawyer about your options. a todd can’t stop a surviving spouse or joint tenant from trying to make claims against the property. but you can have more than one beneficiary on the todd and lay out how they will hold title to the property. successors are people who get the property if the beneficiaries die before you. for example, if a todd leaves a house to 4 children and the children are all married, then it would take the agreement of all 8 people (the children and their spouses) for a sale to go through or other change of title on the house.
use this deed to transfer the residential property described below directly to your named beneficiaries when you die. you should carefully read all of the sa&i form 246 (2009). transfer-on-death deed. (name of owner) being of competent mind and having the legal capacity to execute this document, this revocable transfer on death deed, dated as of the ______ day of. , is made by transferor or transferors (the grantor(s)), whose address is . this revocable, problems with transfer on death deeds.
what is a transfer-on-death deed? a transfer-on-death deed form (also called a tod deed form) is a deed that serves as a substitute for a will. like a will, a transfer-on-death deed allows property owners to designate one or more people or organizations to inherit property on the property owner’s death. stat. 507.071, subd. 8, this deed must be recorded before the death of the grantor owner upon whose death the conveyance or transfer is effective. you should. carefully read all of the information on the other pages of this form. you may wish to consult an attorney before using this deed. it may have 1. name the beneficiary of your real estate 2. describe the property using the exact legal description 3. sign the tod deed 4. have the tod deed notarized (, .
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