Can I use a TODD to transfer ownership between tenants in common?
I am co-owner of my home with a friend, and we are filed tenants in common. We are completing the transfer on death deed, where if something happened to either of us, the house would be transferred to the other. Would we have one document with both of us as beneficiaries, or do we need two separate documents, where each of us are individually the beneficiary?
23
8
Solved
Great! Since you're tenants in common and want the surviving owner to receive full ownership, each of you will need to execute a separate Transfer on Death Deed naming the other as the sole beneficiary.
You can't do this with just one document because you each need to handle your own one-half interest. This ensures that if one of you passes, the other automatically gets that half without probate.
As long as your state permits TOD deeds for TIC interests, this setup should work just fine. Does that help clarify things? I want to make sure I didn’t leave anything out.
0
Transfer on Death Deed TODD
Create Document
Full Conversation
I am co-owner of my home with a friend, and we are filed tenants in common. We are completing the transfer on death deed, where if something happened to either of us, the house would be transferred to the other. Would we have one document with both of us as beneficiaries, or do we need two separate documents, where each of us are individually the beneficiary?
Lexi, Chatbot
I understand the situation with the transfer on death deed. Are you looking to have both you and your friend listed as beneficiaries on the same document?
Yes
Lexi, Chatbot
Have you already consulted with a lawyer or legal professional regarding the transfer on death deed?
No
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they’ll be able to help with your transfer on death deed.
No
Michael M. Esq.
Hello! My name is Michael, and I'm an attorney ready to help! Your responses matter to me, so I only need a few minutes to review and respond to each of your posts. Do you want the surviving co-owner to receive the entire property outright, or are you looking to preserve each co-owner’s ability to leave their share to someone else if they pass away first?
Each one would own it outright, the surviving owner.
Michael M. Esq.
Ok thanks! Just a few more questions. Got it—so you're both aiming for the surviving owner to end up with full ownership. Just to be clear, have you confirmed that your state allows each tenant in common to name the other as the sole beneficiary on their own separate TOD deed?
Yes
Michael M. Esq.
Understood! So you're just wondering what you need to do here, correct?
Yes
Michael M. Esq.
Ok! Did you need to tell me anything else? If not, I can start with answering your question.
Yes
I have no other questions.
Michael M. Esq.
Ok! I've been working on an answer while we've been chatting, so it'll just be a moment.
Ok
Michael M. Esq.
Great! Since you're tenants in common and want the surviving owner to receive full ownership, each of you will need to execute a separate Transfer on Death Deed naming the other as the sole beneficiary.
You can't do this with just one document because you each need to handle your own one-half interest. This ensures that if one of you passes, the other automatically gets that half without probate.
As long as your state permits TOD deeds for TIC interests, this setup should work just fine. Does that help clarify things? I want to make sure I didn’t leave anything out.
Yes, that answers my question. Thank you.
Michael M. Esq.
For sure! Did I thoroughly address your question? Did I provide top-tier service to you? If the answer is no to either, please let me know so I can help!
Yes, service was top tier, thank you again.
Michael M. Esq.
Thank you so much for contacting us! We're happy to help whenever you need it.
Michael M. Esq.
75 satisfied customers
5 lawyers online now
11
2
Answered 3 days ago
Disclaimer
By messaging AskaLawyer.com, you agree to our Terms and have read our Privacy Policy.
The information provided on AskaLawyer.com is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of the information presented, we make no guarantees regarding its completeness or applicability to your specific circumstances.
Use of this website does not create an attorney-client relationship between you and AskaLawyer.com or any of its attorneys. Communications through this website, including any responses from attorneys, are not privileged or confidential. For advice tailored to your individual situation, we recommend consulting a licensed attorney in your jurisdiction.
AskaLawyer.com disclaims any liability for actions taken or not taken based on the content of this site. We are not responsible for any third-party content that may be accessed through this website. Reliance on any information provided herein is solely at your own risk.
