A transfer-on-death deed is revocable, which means you can cancel it at any time by recording a new deed. If you own the property jointly with someone else, you’ll need the other person’s consent to cancel the deed.

To be valid, a Minnesota transfer-on-death deed must:

* Be in writing

* Be signed by the owner of the property

* Be witnessed by two people who are not named as beneficiaries

* Be delivered to the registry of deeds in the county where the property is located

If you’re considering using a transfer-on-death deed to avoid probate, be sure to consult with an attorney or financial advisor to make sure it’s the best option for your situation. You may also want to consider other ways to avoid probate, such as beneficiary designations on accounts and life insurance policies.

How to Fill Out a Minnesota Transfer-on-death Deed?

Step 1 – Individual preparing the deed

The first thing to do is to title the document as a Minnesota Transfer-on-Death Deed in the top left corner.

Step 2 – Date of Execution

In the next line, input the date on which you are signing the deed. This is known as the “date of execution.”

Step 3 – Personal Information

On the third line, input your full legal name and address. If you are married, you may include your spouse’s name as well.

Step 4 – Tax Identification Number

You will need to provide your Social Security number or other tax identification number on the next line.

Step 5 – Property Description

The following line is where you will describe the property that is being transferred. Include the address, legal description, and any other relevant information.

Step 6 – Beneficiaries

On the next line, input the name or names of the beneficiaries who will inherit the property after your death. You may also include their addresses, if desired.

Step 7 – Signature

At the bottom of the deed, you will sign and date it in the presence of two witnesses. The witnesses must also sign and date the deed.

Step 8 – Notarization

The deed does not need to be notarized, but you may choose to do so.

Step 9 – Recording

After the deed is signed and dated, it must be recorded with the registry of deeds in the county where the property is located. You will need to pay a recording fee.

Should You Have a Transfer-on-death Deed in Minnesota or Not?

There are pros and cons to having a TOD deed. On the one hand, it can be a good way to avoid probate if you want your property to go directly to your beneficiaries after you die. On the other hand, TOD deeds are revocable, which means you can change your mind about the beneficiary at any time. If you’re not sure whether a TOD deed is right for you, it’s a good idea to consult with an attorney or financial advisor.

The bottom line

A Minnesota transfer-on-death deed can be a helpful tool for avoiding probate, but it’s not right for everyone. Be sure to consult with an attorney or financial advisor to see if a TOD deed is right for you.

Tips

* Make sure the deed is properly filled out and signed before you record it. Otherwise, it may be rejected by the registry of deeds.

* Be sure to keep a copy of the deed for your records.

* You may want to consult with an attorney or financial advisor to see if a TOD deed is right for you.