Transfer on Death Deeds
One of the primary goals of most estate plans is to avoid probate. Historically, the ownership of real property caused many estates to be probated in the courts. In the past, many people were not willing to give up control of their real property, and that forced a probate proceeding to transfer title to the next generation. Minnesota has approved the use of a Transfer on Death Deed. This deed operates to transfer the ownership of real estate to the named beneficiary on the death of the owner, or in the case of joint ownership, at the death of the last surviving owner. This tool allows the owner to keep full control of the property including mortgaging leasing or selling of the property. The Transfer on Death Deed is only valid if it is filed with the county before the death of the owner.
Benefits of Using a Minnesota Transfer on Death Deed
Upon the death of the owners, the beneficiaries can simply transfer title to the property. The beneficiaries would file with the county an affidavit of survivorship along with a certified copy of the death certificate.