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Enduring the death of a loved one can be a challenging process, but there are legal measures that can help ease some of the financial burdens. In Minnesota, one such measure is a Transfer on Death Deed (TODD), which simplifies transferring property after death. The TODD process can be a practical tool to help your loved ones avoid the probate process.
As a Minnesota resident and property owner, you should seek legal counsel from an experienced estate planning attorney. You'll be provided with a professional, knowledgeable, and communicative attorney when you work with our firm. Call to schedule a free consultation to discuss your gifting of personal property needs.
A Transfer on Death Deed (TODD) is a legal document that allows you to direct a beneficiary to inherit your property after your death, bypassing the probate process. If your heirs are required to go to probate, they must take your will to court to prove its validity. Probate court can be time-consuming and complicated, especially when there are disputes. To avoid this process, you can use legal documents such as a trust and a Transfer on Death Deed (TODD), ensuring your assets are passed on smoothly to your beneficiaries if you become incapacitated or pass away.
A Transfer on Death Deed (TODD) offers a variety of options for property transfer. With a TODD, you can name multiple beneficiaries and assign interests related to the property, such as the following:
You can also establish a line of succession for the beneficiaries. Both individuals and entities are eligible to be named beneficiaries in a TODD.
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He was aggressive in court and commanded the respect of the judge. I definitely recommend him!
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He was upfront and honest about what to expect (during this process) and his rates. I only wish I found him sooner.
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A Transfer on Death Deed (TODD) in Minnesota is a straightforward process that can be a much simpler alternative to probate. The beneficiary receives the property by filing specific paperwork, and the transfer occurs no sooner than 120 hours after the grantor's death. The property's value is based on fair market value and then transferred to the beneficiary. Keep in mind that in the transferring process, a TODD will also share any mortgages, liens, or other interests associated with the property.
Another benefit of a TODD is it serves as a cost-effective option for transferring property, as it is less expensive than other options and can save time and money on probate. Additionally, the grantor maintains control of the property while alive and can revoke the deed anytime before death.
All parties must sign a Transfer on Death Deed with an ownership stake in the property to be valid. Failure to do so can result in the property being subject to marital rights if not signed by a spouse. An unsigned TODD is subject to termination in case of a divorce. For these reasons, it is crucial to have a lawyer involved in the estate planning process.
At The Law Office of Clarence Patterson III, we understand the importance of securing your future for you and your loved ones. When you hire our firm, you will be provided with an attorney who is communicative, knowledgeable, and accommodating. An experienced attorney can assist you in your need for deed services.
Our law office primarily serves the locations of Ramsey County, Washington County, Hennepin County, Dakota County, and other regions around Minnesota. Please call us for a free consultation to discuss your estate planning attorney needs.
Clarence Patterson III is the founding attorney of the Law Offices of Clarence Patterson III. The firm is rooted in the principle of “Protecting Rights & Improving Lives.”
The underlying premise of Mr. Patterson’s success is that he is not just “practicing” law, he is dedicated to obtaining results that clients need and expect.
Mr. Patterson recognizes that there is no such thing as a “small case.” Which is why he is dedicated to being by the side of his clients throughout the duration of their legal matter.
