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The New York Transfer-on-Death Deed form is a crucial tool for individuals looking to simplify the transfer of real estate upon their passing. This legal document allows property owners to designate a beneficiary who will automatically inherit the property without the need for probate. By using this form, individuals can maintain full control over their property during their lifetime, as the transfer only takes effect after death. It is essential to understand the requirements for executing this deed, including the need for notarization and the proper filing with the county clerk. Additionally, the form can be revoked or modified at any time, providing flexibility for property owners as their circumstances change. Understanding the nuances of the Transfer-on-Death Deed can help ensure that your property is passed on according to your wishes, while also minimizing the burden on your loved ones during a difficult time.
Preview - New York Transfer-on-Death Deed Form
New York Transfer-on-Death (TOD) Deed Template
This document is crafted to comply with the New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 13-6.2, pertaining to Transfer-on-Death (TOD) deeds. By completing this form, the property owner(s) can name one or more beneficiaries to inherit their real estate upon the owner’s death without the need for probate.
Please Note: This document does not transfer any ownership rights until the death of the owner(s). It can be revoked or modified at any time by the owner(s) as long as they are alive and competent.
Property Owner(s) Information
Full Legal Name(s) of the Current Owner(s): ___________________________________________________________
Address of the Property Owner(s): ____________________________________________________________________
County of Residency: _______________________________________________________________________________
State of Residency: New York
Description of Property
Legal Description of the Property: ___________________________________________________________________
Physical Address of the Property: ____________________________________________________________________
County in Which the Property Is Located: ______________________________________________________________
Beneficiary(ies) Information
Full Legal Name(s) of Beneficiary(ies): _____________________________________________________________
Relationship to Owner(s): ___________________________________________________________________________
Address of Beneficiary(ies): ________________________________________________________________________
Additional Provisions (if any)
____________________________________________________________________________________________________
____________________________________________________________________________________________________
Signatures
The undersigned owner(s) hereby declare(s) that this transfer-on-death deed is executed as a revocable transfer on death deed and not as a will or part of a will. This deed is executed this ____ day of _______________, 20__.
Owner(s) Signature(s): _____________________________________________________________________________
Printed Name(s): __________________________________________________________________________________
State of New York
County of __________________________________________________________________________________________
This document was signed or acknowledged in my presence on ____ day of _______________, 20__ by ______________________________________________________________ who is personally known to me or has produced ___________________________________________ as identification.
Notary Public Signature: ____________________________________________________________________________
Printed Name: _____________________________________________________________________________________
Commission Expires: _______________________________________________________________________________
PDF Specifications
| Fact Name | Description |
|---|---|
| Definition | A Transfer-on-Death Deed (TODD) allows an individual to transfer real property to a designated beneficiary upon their death without going through probate. |
| Governing Law | The Transfer-on-Death Deed is governed by New York Estates, Powers and Trusts Law (EPTL) § 13-16. |
| Eligibility | Any individual who owns real property in New York can create a TODD for that property. |
| Beneficiary Designation | The deed must clearly identify the beneficiary who will receive the property upon the owner's death. |
| Revocation | A Transfer-on-Death Deed can be revoked at any time before the owner's death by executing a new deed or a formal revocation document. |
| Execution Requirements | The deed must be signed by the property owner and acknowledged before a notary public to be valid. |
| Filing | The completed TODD must be recorded with the county clerk's office in the county where the property is located to take effect. |
| Tax Implications | Transfer-on-Death Deeds do not trigger gift taxes during the owner's lifetime, as the transfer occurs only upon death. |
| Effect on Creditors | The property transferred via a TODD remains subject to the owner's debts and creditors until the owner's death. |
| Limitations | A TODD cannot be used for certain types of property, such as jointly owned property or property held in a trust. |
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