Can a transfer on death deed be used for a second home?

Question

I own a second home in another state and am considering a transfer on death deed instead of putting it into a trust. I like the idea of keeping full ownership while I am alive and having the property pass directly at death. Are transfer on death deeds available for second homes, and what should be checked about the property's state law, mortgage, beneficiary choices, and backup beneficiaries before relying on one to avoid probate?

Soradin · Accepted Answer

Some states allow it and others do not, so the deed must satisfy the law where the property is located. In a probate or estate setting, real estate located in another state can create an additional probate proceeding in that state. For the issue described here, trust ownership, qualifying deeds, business entities, or other transfer methods may simplify administration when properly planned. Major changes in family, finances, or health are a good reason to review the plan to confirm the documents still fit your current wishes.

Can a transfer on death deed be used for a second home?

Soradin

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