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Simple English definitions for legal terms

transfer-on-death deed

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A quick definition of transfer-on-death deed:

A transfer-on-death deed is a legal document that allows a person to transfer their property to a chosen beneficiary after they pass away. This means that the beneficiary automatically becomes the owner of the property without having to go through a long and complicated legal process called probate. The beneficiary can be a person or an organization, and a backup beneficiary can also be named in case the first one is unable to receive the property. However, the beneficiary cannot access the property until the owner has passed away. This type of deed is also called a beneficiary deed.

A more thorough explanation:

A transfer-on-death deed is a legal document that allows a property owner to transfer their property to a designated beneficiary upon their death without going through probate. This means that the beneficiary automatically becomes the owner of the property after the death of the property owner.

For example, if John owns a house and wants to leave it to his daughter Jane after his death, he can create a transfer-on-death deed that names Jane as the beneficiary. When John dies, Jane will become the owner of the house without the need for probate.

The beneficiary named in the transfer-on-death deed can be an individual or an organization, such as a charity. A substitute or successor beneficiary can also be named in case the first beneficiary dies before the property owner.

It's important to note that the beneficiary does not have access to the property until the death of the property owner. The transfer-on-death deed simply ensures that the property will pass to the beneficiary without the need for probate.

transfer-on-death (TOD) | Transferred intent

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darthaifos33
14:36
like**
darthaifos33
14:36
and UPenn for that matter! Would be greatly appreciated
yay pookie! congrats!
14:39
omg this guy on the deposition is screamingggg
darthaifos33
14:39
And congrats!!!!!!<3
14:49
like it's crazy
i've heard great things about UVA! I visited upenn and hated it so much / felt so uncomfy there and the starbucks by campus got robbed while i was there waiting for my tour to start lol
darthaifos33
14:59
@OptimisticOutlier That sounds terrible, I'm sorry you had to experience that lol. Can I ask what made you feel uncomfortable? Like the sketchy vibes of the city or like the camp\us itself etc.?
darthaifos33
14:59
campus
penn is in a nice area
right next to drexel
it was campus itself, honestly i can't explain what it actually is. I felt the same way when I was touring schools for undergrad, pretty much pulled up to upenn and told my mom i knew i didn't like it and didn't need to take the tour lol
would argue with the nice area piece lol i think all of philly is kinda scary, someone pulled a gun on my team while we were down for a football game at upenn and walking around at night
but that said, i'm pretty happy i moved to pa after school and i know lots of people love upenn!
dear god is that sketchy
definetly safer than how its being described
people are absolutely crwzy
yeah yeah will 10000% agree i've had like bad outlier experiences lol
u are the optimistic outlier after all
true!
how do i tell my boss im quitting and need to take off on monday (visiting ND on monday to meet with dean and check the vibes, was gonna put in my 2 weeks regardless
16:00
NEED
16:00
i luv being an art hoe snob
amlaw
16:38
believe it or not i didn’t miss any calls
OvertReconditeSpider
18:03
Lol all of philly is a dumpster fire
OvertReconditeSpider
18:03
Yet i am moving there for law school in 14 days lol
manifestmoreadmissions
18:56
@OptimisticOutlier: congratulations!!!
21:14
I live in that area. It isn't bad at all
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