As of July 19, 2024, New York residents will have a new tool in their estate planning toolkit: the Transfer on Death (TOD) Deed. This new law offers a potentially simpler and more cost-effective way to transfer real property without going through probate. At Rochester Elder Law, we're here to help you understand what this means for your estate planning needs.

What is a Transfer on Death Deed?

A TOD Deed allows property owners to designate beneficiaries who will automatically inherit the property upon the owner's death. This process bypasses probate, eliminating the need to go to court to transfer ownership of real estate, potentially saving time and money for your heirs.

Key Benefits of TOD Deeds

• Avoiding Probate - The property transfers directly to your beneficiaries without court involvement.
  
• Maintaining Control - You retain full ownership and control of the property during your lifetime.
  
• Simplicity - TOD Deeds can be simpler to set up compared to trusts or other estate planning tools.
  
• Flexibility - You can change or revoke the TOD Deed at any time during your life.
  
• Cost Savings - By avoiding probate, TOD Deeds can potentially save your estate significant legal fees and court costs.

Is a TOD Deed Right for You?

While TOD Deeds offer several advantages, including potential cost savings, they may not be the best solution for everyone. Your unique circumstances, including your overall estate plan, tax considerations, and long-term care plans, should all factor into this decision.

If you already have an estate plan in place, the new TOD Deed law might offer an alternative that better suits your current needs and could lead to substantial savings. However, it's crucial to review your existing plan with a professional before making any changes.

Next Steps: Professional Guidance for Your Estate Plan

Whether you're just starting your estate planning journey or considering updates to your existing plan, professional guidance is key. The new TOD Deed law opens up new possibilities, but it also raises important questions about tax implications, Medicaid eligibility, and more.

At Rochester Elder Law, we're here to help you navigate these changes and ensure your estate plan aligns with your goals. We invite you to schedule a consultation with our experienced attorneys to discuss whether a TOD Deed is right for you, or if other estate planning tools might better serve your needs.

Don't leave your legacy to chance. Contact Rochester Elder Law today to explore how the new TOD Deed law fits into your comprehensive estate plan and learn about the potential cost savings it may offer.