§ 424 SECTION 424 Transfer on death deed
RPL § 424
1.Definitions. For the purposes of this section the following terms shall have the following meanings:
(a)"Beneficiary" means a person who receives property in a transfer on death deed.
(b)"Designated beneficiary" means a person designated to receive property in a transfer on death deed.
(c)"Joint owner" means an individual who owns property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant, owner of community property with a right of survivorship and tenant by the entirety. The term does not include a tenant in common or owner of community property without a right of survivorship.
(d)"Person" includes a natural person, an association, board, any corporation, whether municipal, stock or non-stock, court, governmental agency, authority or subdivision, partnership or other firm and the state.
(e)"Property" means an interest in real property located in this state which is transferable on the death of the owner.
(f)"Transfer on death deed" means a deed authorized under this section.
(g)"Transferor" means an individual who makes a transfer on death deed.
2.Nonexclusivity. This section does not affect any method of transferring property otherwise permitted under the law of this state.
3.Transfer on death deed authorized. An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.
4.Transfer on death deed revocable. A transfer on death deed is revocable even if the deed or another instrument contains a contrary provision.
5.Transfer on death deed nontestamentary. A transfer on death deed is nontestamentary.
6.Capacity of transferor. The capacity required to make or revoke a transfer on death deed is the same as the capacity required to make a will.
7.Requirements. A transfer on death deed:
8.Notice, delivery, acceptance, consideration not required. A transfer on death deed shall be effective without:
9.Revocation by instrument authorized; revocation by act not permitted.
(1)is one of the following:
(A) a transfer on death deed that revokes the deed or part of the deed expressly or by inconsistency;
(B) an instrument of revocation that expressly revokes the deed or part of the deed; or
(C) an inter vivos deed that expressly revokes the transfer on death deed or part of the deed; and
(2)is acknowledged by the transferor after the acknowledgment of the deed being revoked and recorded before the transferor's death in the public records in the county clerk's office of the county where the deed is recorded.
10.Effect of transfer on death deed during transferor's life. During a transferor's life, a transfer on death deed shall not:
11.Effect of transfer on death deed at transferor's death.
(3)Subject to subparagraph four of this paragraph, concurrent interests shall be transferred to the beneficiaries in equal and undivided shares with no right of survivorship.
(4)If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the property, the share of one which lapses or fails for any reason shall be transferred to the other, or to the others in proportion to the interest of each in the remaining part of the property held concurrently.
12.Applicability of invalidating and revocatory principles.
13.Renunciation. A beneficiary may renounce all or part of the beneficiary's interest in the same manner as if the interest was transferred in a will.
14.Liability for creditor claims and statutory allowances.
15.Form of transfer on death deed. The following form may be used to create a transfer on death deed. The other subdivisions of this section shall govern the effect of this, or any other instrument used to create a transfer on death deed: (front of form) REVOCABLE TRANSFER ON DEATH DEED NOTICE TO OWNER You should carefully read all information on the other side of this form. You may want to consult a lawyer before using this form. This form must be recorded before your death, or it will not be effective. IDENTIFYING INFORMATION Owner or Owners Making This Deed: ____________________________________________________ Printed name Mailing address ____________________________________________________ Printed name Mailing address Legal description of the property: ____________________________________________________ PRIMARY BENEFICIARY I designate the following beneficiary if the beneficiary survives me. ____________________________________________________ Printed name Mailing address, if available ALTERNATE BENEFICIARY - Optional If my primary beneficiary does not survive me, I designate the following alternate beneficiary if that beneficiary survives me. ____________________________________________________ Printed name Mailing address, if available TRANSFER ON DEATH At my death, I transfer my interest in the described property to the beneficiaries as designated above. Before my death, I have the right to revoke this deed. SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED ____________________________________________________ Signature Date ____________________________________________________ Signature Date SIGNATURE OF WITNESSES ____________________________________________________ Signature Date ____________________________________________________ Signature Date ____________________________________________________ NOTARY ACKNOWLEDGMENT (insert notary acknowledgment for deed here) (back of form) COMMON QUESTIONS ABOUT THE USE OF THIS FORM What does the Transfer on Death (TOD) deed do? When you die, this deed transfers the described property, subject to any liens or mortgages (or other encumbrances) on the property at your death. Probate is not required. The TOD deed has no effect until you die. You can revoke it at any time. You are also free to transfer the property to someone else during your lifetime. If you do not own any interest in the property when you die, this deed will have no effect. How do I make a TOD deed? Complete this form. Have it acknowledged before a notary public. Record the form in each county where any part of the property is located. The form has no effect unless it is acknowledged and recorded before your death. Is the "legal description" of the property necessary? Yes. How do I find the "legal description" of the property? This information may be on the deed you received when you became an owner of the property. This information may also be available in the county clerk's office of the county where the property is located. If you are not absolutely sure, consult a lawyer. Can I change my mind before I record the TOD deed? Yes. If you have not yet recorded the deed and want to change your mind, simply tear up or otherwise destroy the deed. How do I "record" the TOD deed? Take the completed and acknowledged form to the county clerk's office of the county where the property is located. Follow the instructions given by the county clerk to make the form part of the official property records. If the property is in more than one county, you should record the deed in each county. Can I later revoke the TOD deed if I change my mind? Yes. You can revoke the TOD deed. No one, including the beneficiaries, can prevent you from revoking the deed. How do I revoke the TOD deed after it is recorded? There are three ways to revoke a recorded TOD deed: (1) Complete and acknowledge a revocation form and record it in each county where the property is located.
16.Form of revocation. The following form may be used to create an instrument of revocation under this section. The other subdivisions of this section shall govern the effect of this, or any other instrument used to revoke a transfer on death deed. (front of form) REVOCATION OF TRANSFER ON DEATH DEED NOTICE TO OWNER This revocation must be recorded before you die, or it will not be effective. This revocation is effective only as to the interests in the property of owners who sign this revocation. IDENTIFYING INFORMATION Owner or Owners of Property Making This Revocation: ____________________________________________________ Printed name Mailing address ____________________________________________________ Printed name Mailing address Legal description of the property: ____________________________________________________ REVOCATION I revoke all my previous transfers of this property by transfer on death deed. SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION ____________________________________________________ Signature Date ____________________________________________________ Signature Date SIGNATURE OF WITNESSES ____________________________________________________ Signature Date ____________________________________________________ Signature Date NOTARY ACKNOWLEDGMENT (insert notary acknowledgment here) (back of form) COMMON QUESTIONS ABOUT THE USE OF THIS FORM How do I use this form to revoke a Transfer on Death (TOD) deed? Complete this form. Have it acknowledged before a notary public. Record the form in the public records in the county clerk's office of the county where the property is located. The form must be acknowledged and recorded before your death, or it has no effect. How do I find the "legal description" of the property? This information may be on the TOD deed. It may also be available in the county clerk's office of the county where the property is located. If you are not absolutely sure, consult a lawyer. How do I "record" the form? Take the completed and acknowledged form to the county clerk's office of the county where the property is located. Follow the instructions given by the county clerk to make the form part of the official property records. If the property is located in more than one county, you should record the form in each of those counties. I am being pressured to complete this form. What should I do? Do not complete this form under pressure. Seek help from a trusted family member, friend, or lawyer. I have other questions about this form. What should I do? This form is designed to fit some but not all situations. If you have other questions, consult a lawyer.
