If you own your home, and want to give it to someone when you die, you can use a transfer on death instrument (“TODI“) to do so. Unlike a will, a TODI can only transfer one thing. However, it can save your loved ones time and money down the line. This is because using a TODI takes your home out of your estate. This can avoid the need to go to court to divide up your property when you die.
What is a TODI?
A TODI is like a deed that doesn’t take effect until you die. You can use it so that you don’t have to put your house in your will, which will make things easier for your loved ones down the line. This is because using a TODI can avoid the need to go to court to divide up your property you leave behind. Many people who use a TODI also use a small estate affidavit for the rest of their property.
What kind of property can I give away with a TODI?
A TODI can only be used to transfer residential real estate. This means a building with four units or less, a condo, or land that is 40 acres or less and has a single family residence.
Can I take back a TODI?
Yes. You can revoke, or undo, your TODI at any time before your death, no matter what the TODI says.
Learn more about Canceling a TODI.
Who can I give my property to with a TODI?
You can give your property to anyone who is still alive. You can even give the property to a company, trust, or government entity.