Transfer On Death Deeds
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October 2011- Download the PDF
Since July 1, 2009, a new chapter under the Indiana Code has been in effect entitled, Transfer on Death Property Act (I.C. 32-17-14). This chapter creates a new vehicle on how to plan for the transfer of real property upon death. It will allow owners to create a transfer on death (TOD) deed that conveys an interest in real property to a grantee by beneficiary designation.
Some of the pertinent provisions of IC 32-17-14-11 are as follows:
A sales disclosure form is not required at the time of the recording of the TOD Deed as the deed is not a present transfer to the beneficiary. IC 32-17-14-26(b)(20) provides that on the death of an owner whose transfer on death deed has been recorded, the beneficiary shall file an affidavit in the office of the recorder of the county in which the real property is located. The affidavit must be endorsed by the county auditor under IC 36-2-11-14 in order to be recorded.
Given the specific needs of each individual and the need to determine if a TOD Deed is the right vehicle it is strongly recommended that an individual seek the guidance and counsel of an attorney knowledgeable in the area of probate for more information.
*The information in this flyer should be considered as general information and should not be taken as legal advice.
Contact your Account Manager for more information
800.777.1574 • meridiantitle.com