Transfer on Death Deed

Wisconsin allows for owners of real property to designate a person or persons who will succeed to the ownership of that property upon the owner’s death.  This is called a Transfer on Death Deed, or TOD deed.  TOD deeds are beneficial for several reasons.  First, a TOD is a non-probate transfer. As such, the asset is not subject to probate fees.  Second, a Transfer on Death deed is not subject to gift tax because it is not considered a gift until death. The real property owner is free to change his or her mind during lifetime. Third, a TOD is much less expensive than other forms of probate avoidance mechanisms, including a revocable trust.  Importantly, however, a TOD is not a substitute for a carefully thought-out estate plan that may address other issues.  Our attorneys can assist in the drafting and recording of Transfer on Death deeds.