PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
300 TradeCenter, Suite 6750 Woburn, MA 01801
(978) 653-4092 www.MonteforteLaw.com
Check us out on social media Facebook: www.facebook.com/mmlawoffice TikTok: @montefortelaw Instagram: @montefortelaw
w
Scan the QR Code to Leave us a Review
INSIDE
My Grandfather’s Legacy Inspires Our Annual Scholarships
Keep Your Estate Plan Fresh
An Inside Look at Matthew Perry’s Living Trust
Monteforte Law Defeats MassHealth in High-Stakes Case!
Summer Pizza
The Drawbacks of Transfer on Death Deeds
LIMITATIONS AND RISKS OF TRANSFER ON DEATH DEEDS TRANSFER TROUBLE
your death — regardless of whether there is a TODD on record. This is an especially important issue for married couples, who often share joint ownership of a property, such as a home; this joint ownership will supersede the TODD, even if the intended beneficiary is someone other than your spouse. Disinheriting by Mistake If a will and TODD contain conflicting information regarding property inheritance, it can cause significant problems for your beneficiaries. Existing TODDs can also resurface and derail other estate plan documents representing the deceased’s most recent and accurate wishes. Because of this, it is important to revoke TODDs before completing new estate plan agreements. Potentially Costly With TODDs, there is no warranty of title, which means a property owner’s debts may
Many once-complicated processes have become simplified in the modern age of convenience, such as booking a hotel room online. It can be tempting to try to simplify other parts of our lives with a couple of clicks on a computer. However, when it comes to estate planning, simple does not always mean better . An example of this is the Transfer on Death Deed or TODD. TODDs allow you to name a beneficiary who will receive your property upon your passing. While this seems like an elegant and hassle-free way to establish your inheritance, it has significant downsides and potential pitfalls. Joint Ownership One of the greatest points of contention around TODDs involves joint ownership. If you are a joint owner of a property, the other joint owner will inherit sole ownership upon
be passed on to their beneficiary along with the property. In effect, your beneficiary may be liable for your financial obligations, which can cause undue economic hardship. Another shortcoming with TODDs is that, unlike wills, they cannot be amended and must be revoked. If you want to rework a TODD, you must incur the costs of drafting one entirely from scratch, making the money you spent on your previous TODD meaningless.
4
(978) 653-4092
Published by Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Ebook Creator