Free Transfer-on-Death Deed Template for Ohio

Understanding the Ohio Transfer-on-Death Deed (TODD) can be tricky, and many people hold misconceptions about it. Here are six common misunderstandings:

1. It only applies to real estate. Many believe that the Transfer-on-Death Deed can only be used for real property. While it is primarily designed for real estate, it does not cover personal property or other assets. Those items need separate planning.
2. It avoids probate entirely. Some think that using a TODD means that the property will never go through probate. While it can help transfer the property outside of probate after death, other assets may still require probate, depending on how they are titled.
3. It cannot be revoked. There is a misconception that once a TODD is executed, it cannot be changed. In reality, the grantor can revoke or change the deed at any time before their death, as long as they follow the proper procedures.
4. It is only for married couples. Some people think that only married couples can utilize a TODD. In fact, anyone can use this deed to designate beneficiaries, regardless of marital status, which makes it a flexible estate planning tool.
5. It automatically transfers upon signing. Many believe that simply signing a TODD automatically transfers ownership. The transfer only occurs upon the death of the grantor, and until that time, the grantor retains full control of the property.
6. It eliminates the need for a will. A common misconception is that a TODD can replace the need for a will. While it can simplify the transfer of specific property, it does not address all aspects of estate planning. A comprehensive will is still important for other assets and matters.

Being aware of these misconceptions can help individuals make informed decisions about their estate planning options in Ohio.

Here are some important points to remember when filling out and using the Ohio Transfer-on-Death Deed form:

1. The deed allows property owners to transfer their property to beneficiaries upon their death without going through probate.
2. You must be the sole owner or a co-owner of the property to use this form.
3. Clearly identify the property being transferred. Include the legal description and address.
4. List the beneficiaries by name. Ensure they are clearly identified to avoid confusion.
5. Both the property owner and the beneficiaries should understand the implications of the deed.
6. The deed must be signed in front of a notary public for it to be valid.
7. Once completed, file the deed with the county recorder's office where the property is located.
8. Keep a copy of the filed deed for your records.
9. Revoking the deed is possible if circumstances change, but you must follow the proper procedure to do so.

Using the Transfer-on-Death Deed can simplify the process of passing on property. Make sure to follow these key points to ensure everything goes smoothly.