Multiple beneficiaries can be named, and they may receive the property in equal or designated shares. Grantor/Owner The person who currently owns the property and is creating the TOD Deed is referred to as the grantor or owner. They retain full ownership and control over the property during their lifetime. Property Description The TOD Deed must contain a clear and accurate description of the real estate property being transferred, including its legal description and address. Recorded Document To be valid, the TOD Deed must be properly executed, signed, and notarized, and it needs to be recorded with the county recorder's office where the property is located. Recording ensures that the transfer will take effect upon the grantor's death. Contingencies and Simultaneous Death The TOD Deed can include contingencies and instructions for what should happen if a beneficiary predeceases the property owner or if simultaneous deaths occur. Beneficiary's Rights and Liabilities Beneficiaries do not have any legal rights to the property during the grantor's lifetime. However, they have the right to claim the property and take title to it upon the grantor's death. Avoiding Probate One of the primary advantages of using a TOD Deed is that it bypasses the probate process, saving time and money for both the grantor's estate and beneficiaries.
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