As of July 19, 2024, there is now a new deed type in New York State and it is already impacting homeownership and estate planning.
Simply, this new "Transfer on Death Deed Law," eliminates the need for probating real estate, is much less expensive than a trust, and is revocable, unlike a life estate with a remainder interest. In fact, all it takes is a recorded deed form, that was signed before two witnesses, and notarized. The form can be found here.
By
executing a Transfer on Death Deed, property owners, including
individual and joint owners of real property as well as corporations, can now initiate
the automatic transfer of real property upon their death without needing to execute
a will, trust, or life estate deed.
Per the statue, a Transfer on Death Deed must include:
(front of form)REVOCABLE TRANSFER ON DEATH DEEDNOTICE TO OWNERYou should carefully read all information on the other side of thisform. You may want to consult a lawyer before using this form.This form must be recorded before your death, or it will not beeffective.IDENTIFYING INFORMATIONOwner or Owners Making This Deed:____________________________________________________Printed name Mailing address____________________________________________________Printed name Mailing addressLegal description of the property:____________________________________________________PRIMARY BENEFICIARYI designate the following beneficiary if the beneficiary survives me.____________________________________________________Printed name Mailing address, if availableALTERNATE BENEFICIARY - OptionalIf my primary beneficiary does not survive me, I designate the followingalternate beneficiary if that beneficiary survives me.____________________________________________________Printed name Mailing address, if availableTRANSFER ON DEATHAt my death, I transfer my interest in the described property to thebeneficiaries as designated above. Before my death, I have the right torevoke this deed.SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED____________________________________________________Signature Date____________________________________________________Signature DateSIGNATURE OF WITNESSES____________________________________________________Signature Date____________________________________________________Signature Date____________________________________________________NOTARY ACKNOWLEDGMENT(insert notary acknowledgment for deed here)(back of form)COMMON QUESTIONS ABOUT THE USE OF THIS FORMWhat does the Transfer on Death (TOD) deed do?When you die, this deed transfers the described property, subject to anyliens or mortgages (or other encumbrances) on the property at yourdeath. Probate is not required. The TOD deed has no effect until youdie. You can revoke it at any time. You are also free to transfer theproperty to someone else during your lifetime. If you do not own anyinterest 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. Recordthe form in each county where any part of the property is located. Theform has no effect unless it is acknowledged and recorded before yourdeath.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 anowner of the property. This information may also be available in thecounty clerk's office of the county where the property is located. Ifyou 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 ofthe county where the property is located. Follow the instructions givenby the county clerk to make the form part of the official propertyrecords. If the property is in more than one county, you should recordthe 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 eachcounty where the property is located.(2) Complete and acknowledge a new TOD deed that disposes of the sameproperty and record it in each county where the property is located.(3) Transfer the property to someone else during your lifetime by arecorded deed that expressly revokes the TOD deed. You may not revokethe TOD deed by will.I am being pressured to complete this form. What should I do?Do not complete this form under pressure. Seek help from a trustedfamily member, friend, or lawyer.Do I need to tell the beneficiaries about the TOD deed?No, but it is recommended. Secrecy can cause later complications andmight make it easier for others to commit fraud.I have other questions about this form. What should I do?This form is designed to fit some but not all situations. If you haveother questions, you are encouraged to consult a lawyer.16. Form of revocation. The following form may be used to create aninstrument of revocation under this section. The other subdivisions ofthis section shall govern the effect of this, or any other instrumentused to revoke a transfer on death deed.(front of form)REVOCATION OF TRANSFER ON DEATH DEEDNOTICE TO OWNERThis revocation must be recorded before you die, or it will not beeffective. This revocation is effective only as to the interests in theproperty of owners who sign this revocation.IDENTIFYING INFORMATIONOwner or Owners of Property Making This Revocation:____________________________________________________Printed name Mailing address____________________________________________________Printed name Mailing addressLegal description of the property:____________________________________________________REVOCATIONI revoke all my previous transfers of this property by transfer on deathdeed.SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION____________________________________________________Signature Date____________________________________________________Signature DateSIGNATURE OF WITNESSES____________________________________________________Signature Date____________________________________________________Signature DateNOTARY ACKNOWLEDGMENT(insert notary acknowledgment here)(back of form)COMMON QUESTIONS ABOUT THE USE OF THIS FORMHow do I use this form to revoke a Transfer on Death (TOD) deed?Complete this form. Have it acknowledged before a notary public. Recordthe form in the public records in the county clerk's office of thecounty where the property is located. The form must be acknowledged andrecorded 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 thecounty clerk's office of the county where the property is located. Ifyou 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 ofthe county where the property is located. Follow the instructions givenby the county clerk to make the form part of the official propertyrecords. If the property is located in more than one county, you shouldrecord 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 trustedfamily 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 haveother questions, consult a lawyer.