Thursday, March 17, 2011
Can I Cancel or Change My Transfer on Death Deed?
You own property in your name alone and want to be sure that it goes to the beneficiary of your choice without the expense and delay of probate. So, you decide to use a Transfer on Death Deed (“TODD”) to achieve this purpose.
But what happens if you change your mind after you have executed and filed the deed with the county? Can you cancel or change the TODD?
Yes. The Deed does not do anything to your rights over the property during your lifetime. It only takes affect upon your death. Therefore, nothing is set in stone until after death. You may, at any time, change the beneficiary or cancel the deed altogether.
From within Hennepin County Unique Estate Law represents estate planning and elder law clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park. The Minnesota law firm of Unique Estate Law focuses on all aspects of estate planning, including specialized wills, trusts, powers of attorney and medical directives for married couples, young families, blended families, single parents, gay families and those going through a divorce. Unique Estate Law also handles probate administration, asset protection, Medical Assistance planning, elder law, business succession planning, adoptions and cabin planning.