The information below originally appeared as part of the Minnesota Home Talk Legal Minute. To hear an audio version, click here. You can hear my Legal Minute segments during the show every Saturday on 1500 ESPN at 7 a.m. and On Demand.
For many people, a primary estate planning concern is how to transfer their home to their children without the need for a probate proceeding but maintaining control of the property. In those situations, a transfer on death deed may provide the solution. A transfer on death deed is a deed that is executed and recorded during the grantor’s lifetime but does not make an effective transfer until the grantor’s death. A key aspect of this type of deed in comparison to a conveyance with retention of a life estate, is that the deed can be revoked during the grantor’s lifetime without the grantee’s consent. This provides the grantor the flexibility to make alternate arrangements regarding the property during his or her lifetime.
It should be noted that a transfer on death deed is not necessarily appropriate for every situation, and careful consultation with an attorney knowledgeable in their use is a must.
To hear other Legal Minute segments, visit the Minnesota Home Talk page on Jeffrey O’Brien Today.