Tag Archive for TODD

Pros & Cons of Minnesota’s Transfer-on-Death Deed

Minnesota’s Transfer-on-Death Deed (TODD) has been a popular estate planning tool since 2008, when a law enabling the technique became effective.

The homeowner uses a TODD to designate who should inherit a specific parcel of real estate after the homeowner’s death. The TODD must be recorded with the county recorder (or registrar of titles, as the case may be) in the Minnesota county where the property is located prior to the death of the homeowner. » Read more..

Don’t Confuse Probate Assets With Assets Subject to Estate Taxes

The value of the assets that you hold at your death is viewed two different ways: one way by the Probate Court and another way by taxing authorities. It’s easy to confuse the two versions. » Read more..

Minnesota’s Transfer on Death Deed (TODD)

Minnesota’s relatively new Transfer on Death Deed (TODD)  — a so-called “Will substitute for real estate”  — works best when the property owner has a simple distribution plan in mind for the owner’s real property at death.

Historically in Minnesota, when one person owned a piece of real estate and then died, a probate action was automatically required. By authorizing TODDs effective August 1, 2008, the Minnesota Legislature created the opportunity to avoid probate. In other words, if the TODD is executed correctly, no probate action is triggered simply by the ownership of real estate. » Read more..