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![]() If you co-own real estate as joint tenants with right of survivorship, when one co-owner dies, that co-owner's share of the property will automatically go to the surviving co-owners. Joint tenancy (also called "joint tenancy with right of survivorship"). There are two common ways to co-own property in Minnesota: Bauman, as joint tenants" or "to Jonathan G. It might say, for example, "to Ellen Bauman and Edward M. If you don't know how you hold title, start by looking at the deed that transferred the property to you. If you own the property with someone else, how to proceed depends on how you and the other co-owners hold title to the property. You can also use WillMaker to create other estate planning documents, such as a will, health care directive, power of attorney, and more. Use Nolo's Quicken WillMaker to make a transfer on death deed in any state that allows it. WillMaker's Minnesota TOD deed states that it "conveys any and all interests in the described real property acquired by the Grantor Owner before, on, or after the date of this instrument." This means that the deed transfers not only the portion of the property the owner currently owns, but also any portion of the property that the owner might acquire in the future before the owner's death. No probate is necessary.įuture ownership. To get title to the property after your death, the beneficiary must record the following documents in the county where the property is located: (1) an affidavit of identity and survivorship, (2) a certified death certificate, and (3) a clearance certificate (showing that the county will not seek reimbursement for medical assistance benefits). You cannot use your will to revoke or override a TOD deed. You have two options: (1) sign and record a revocation or (2) record another TOD deed, leaving the property to someone else. If you later change your mind about who you want to inherit the property, you are not locked in. ![]() Your TOD beneficiary may be liable for the claims of your creditors, up to the value of the property they receive from you. If you have questions, consult a local attorney. Beware, though, that if you do end up receiving Medicaid benefits-for example, to pay for nursing home care-your home might be liable for reimbursement of Medicaid expenditures. Because you own the property and are not actually giving it away during your lifetime, a TOD deed won't help you "spend down" your assets to help you qualify for Medicaid. Creating a TOD deed won't affect whether or not you are eligible for Medicaid. Because you're not making a gift of the property, there's no federal gift tax. You can sell it, give it away, or mortgage it. You pay the taxes on it, and it's not protected from your creditors. You keep complete ownership of, and control over, the real estate while you're alive. If you have made a will or previous TOD deed that leaves the property to someone, your new TOD deed will override it. However, beware that by signing the deed, the spouse gives up rights to claim the property later.Įarlier wills or TOD deeds. This precaution helps the deed comply with Minnesota's laws. If an owner is married, WillMaker requires the owner's spouse to sign the TOD deed as well-even if the spouse is not listed on the title of the property. Otherwise, he or she might not know about it, even after your death. (More on this below.) The beneficiary doesn't sign the deed, but it's a good idea to let the beneficiary know you've recorded it. The person you name in the deed to inherit the property doesn't have any legal right to it until your death-or, if you own the property "as joint tenants" with someone else, until the last surviving owner dies. You can make a Minnesota transfer on death deed with WillMaker. You must sign the deed and get your signature notarized, and then record (file) the deed with the county recorder's office or county registrar of titles (see "Recording Your Deed" below to determine which) before your death. ![]() ![]() At your death, the real estate goes automatically to the person you named to inherit it (your "beneficiary"), without the need for probate court proceedings. A transfer on death (TOD) deed is like a regular deed you might use to transfer your Minnesota real estate, but with a crucial difference: It doesn't take effect until your death.
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