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I am writing this article for three reasons. First, in response to a statement made by Jonathan J. David in his article, “Deed helps avoid costly trusts, probate” in the June 2015 Senior Voice, which states “However, in the event your daughter predeceases you, then the TOD (Transfer on Death) designations will fail you because there will not be a beneficiary alive to receive those assets.” In fact, under the Uniform Real Property Transfer on Death Act, which Alaska adopted in 2014, one can designate more than one primary beneficiary (all of...
Effective July 21 this year, under a new law, an owner will be able to sign a transfer on death (TOD) deed transferring real property to a person or organization (including a charity) upon death. The TOD deed must provide a few simple facts, including a legal description of the property and the names and addresses of the persons transferring and receiving the property. It must be signed before a notary public. Most importantly, it must state that it will become effective upon the transferor’s death. The deed must be recorded prior to the transf...
