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Pros and Cons of Using a Transfer on Death (TOD) Deed in Wisconsin

Attorney Thomas B. Burton discusses some of the pros and cons of using a Transfer on Death ("TOD") Deed as part of your estate plan.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

Transcript of Video: Pros and Cons of Using a Transfer on Death (TOD) Deed in Wisconsin:

What are some of the pros and cons of a

Transfer on Death Deed? The pro is that a

Transfer on Death Deed is relatively

easy to execute and can be done quickly

it can transfer a piece of real estate

upon your death to your intended heirs

or beneficiaries however some of the cons

of a Transfer on Death Deed is it does

not provide you with other protections

during life like a revocable living

trust and a durable power of attorney

would do for instance a Transfer on

Death Deed will not help you in terms of

avoiding a guardianship it only becomes

effective upon your death therefore if

you're alive but incapacitated the

people named on the deed have no

authority to manage or transfer the

property during your life second a

Transfer on Death Deed can lead to

problems if you leave the real estate

to multiple beneficiaries upon your

death they just become co-owners of

the property so if you have five

children and you leave it to them

there's five children suddenly own a

one-fifth interest in that house or real

estate within a Will you can name a

personal representative who's in charge

of selling the house and wrapping up the

estate or in your trust you can name the

trustee to manage it but a Transfer

on Death Deed doesn't name any one of

those five children as in charge this

can lead to strife and sometimes fights

over what to do with the property in the

worst case it could lead to a partition

sale or a court fight so think carefully

about the situations where you use a

transfer on death deed they can be a

very effective tool as part of a

comprehensive estate plan talk with your

attorney about whether it makes sense

for you.

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.


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