PODCASTEpisode 24 – Transfer on Death Deeds: Does New Mean Good?
New isn't always better—especially when it comes to estate planning tools.
In this episode, Dave Shaffer and Morgan Napierski examine a new New York State law passed in July 2024 that allows homeowners to use Transfer on Death (TOD) deeds as a probate avoidance tool. While TOD deeds promise simplicity—adding beneficiaries to real estate similar to how you'd name beneficiaries on a bank account—Dave and Morgan unpack the significant limitations and potential pitfalls that make this "new" option problematic for many families.
The conversation explores how TOD deeds work, including signing and recording requirements, what happens when beneficiaries predecease the owner, and why the law's rigid rules create problems for complex family situations. The episode wraps up with a game show-style "Show and Tell" segment featuring five fictional characters. Each scenario reveals another way TOD deeds can backfire.