Are you worried about what will happen to your property after you pass away? Do you want to ensure that your loved ones receive your assets without going through the probate process? If so, then you may want to consider utilizing a Transfer on Death Deed (TODD) in Massachusetts.
A TODD is a legal document that allows you to transfer ownership of your real property to a designated beneficiary upon your death. This means that your property will not have to go through the probate process, which can be time-consuming, expensive, and stressful for your loved ones. In this blog post, we will explain how the TODD works in Massachusetts and provide you with useful tips to help you understand this estate planning tool.
How does the TODD work in Massachusetts?
In Massachusetts, the TODD is governed by Chapter 190B, Section 2-603 of the Uniform Probate Code. To create a TODD, you must sign and record a deed that meets the legal requirements set forth by the state. The TODD must contain specific language that indicates that the transfer of ownership will only occur upon your death, and that you retain full ownership and control of the property until that time.
Once you pass away, the beneficiary you designated on the TODD will automatically become the owner of the property without having to go through the probate process. It is important to note that the TODD only applies to real property, such as land, buildings, and condos, and does not apply to personal property, such as bank accounts, stocks, or vehicles.
Useful tips for understanding the TODD:
1. Consult with an experienced estate planning attorney to determine if the TODD is the right estate planning tool for your situation.
2. Choose your TODD beneficiary carefully and make sure that they are willing and able to assume ownership of the property upon your death.
3. Keep your TODD up to date and ensure that it reflects your current wishes and circumstances.
4. Be aware of any potential tax implications of using a TODD, and consult with a tax professional if necessary.
5. Consider using a revocable living trust in conjunction with a TODD to provide additional flexibility and control over your assets.
Contact Our West Boston Deed Lawyers
If you are interested in learning more about the TODD or other estate planning tools, contact Marsden Law P.C. Our experienced estate planning attorneys can help you create a comprehensive estate plan that meets your unique needs and goals.