Legal Developments in Transfer on Death Deeds

Transfer on Death Deeds (TODDs) are fantastic estate planning tools. They allow a person to add an official beneficiary designation to real property, removing it from the probate estate. In 2021, however, a case - In re. Estate of Strope - burst the TODD bubble revealing a huge problem with insurance on real property transferring via TODD. New legislation has tried to plug the hole, but it itself is imperfect. In today's video we discuss the case and resulting legislation and what you need to do if you have property under a transfer on death deed.