Transfer on Death Deed - Kansas - Individual to Individual: This deed is used to transfer the title of a parcel of land, attaching any existing covenants, upon the death of the Grantor to the Grantee. It should be signed in front of a Notary Public.
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View this form Revocation of Transfer on Death Deed - Beneficiary Deed for Individual to IndividualRevocation of Transfer on Death Deed - Beneficiary Deed for Individual to Individual
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Ks Transfer Death Transfer Deed Tod Transfer Death Tod Form Kansas Tod Form Transfer Death Deed Death Deed Beneficiary Kansas Transfer Death
Transfer on death applies to certain assets that have a named beneficiary. The beneficiaries (or a spouse) receive the assets without having to go through probate. Beneficiaries of the TOD don't have access to the assets prior to the owner's death.
A transfer on death (TOD) account automatically transfers its assets to a named beneficiary when the holder dies For example, if you have a savings account with $100,000 in it and name your son as its beneficiary, that account would transfer to him upon your death.
If you'd like to avoid having your property going through the probate process, it's a good idea to look into a transfer on death deed. A transfer on death deed allows you to select a beneficiary who will receive your property, but only when you've passed away.
A TOD designation supersedes a will. For bank accounts, you can set up a similar account known as payable-on-death, sometimes referred to as a Totten trust. Your beneficiaries can't touch the account while you're alive, and you're free to change beneficiaries or close the accounts at any time.
A TOD designation supersedes a will. For bank accounts, you can set up a similar account known as payable-on-death, sometimes referred to as a Totten trust. Your beneficiaries can't touch the account while you're alive, and you're free to change beneficiaries or close the accounts at any time.
A transfer on death deed (TOD) lets a property owner pass land or real estate to a designated beneficiary outside of the probate process. A transfer on death deed can be a helpful estate planning tool but it is not permitted in every state.
If you'd like to avoid having your property going through the probate process, it's a good idea to look into a transfer on death deed. A transfer on death deed allows you to select a beneficiary who will receive your property, but only when you've passed away.
Receiving an inheritance can be an unexpected windfall. In fact, transfer on death accounts are exposed to all the same income and capital gains taxes when the account owner is alive, as well as estate and inheritance taxes upon the owner's death.
A beneficiary form states who will directly inherit the asset at your death. Under a TOD arrangement, you keep full control of the asset during your lifetime and pay taxes on any income the asset generates as you own it outright. TOD arrangements require minimal paperwork to establish.
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Chapter 59. PROBATE CODE
Article 35. TRANSFER-ON-DEATH
59-3501. Real estate; transfer-on-death.
(a) An interest in real estate may be titled in transfer-on-death, TOD, form by recording a deed signed by the record owner of such interest, designating a grantee beneficiary or beneficiaries of the interest. Such deed shall transfer ownership of such interest upon the death of the owner. A transfer-on-death deed need not be supported by consideration.
(b) The signature, consent or agreement of or notice to a grantee beneficiary of a transfer-on-death deed shall not be required for any purpose during the lifetime of the record owner.
History: L. 1997, ch. 176, § 1; July 1.
59-3502. Same; filing of form with register of deeds.
An interest in real estate is titled in transfer-on-death form by executing, acknowledging and recording in the office of the register of deeds in the county where the real estate is located, prior to the death of the owner, a deed in substantially the following form:
___(Name of owner)___ as owner transfers on death to ___(name of beneficiary)___, as grantee beneficiary, the following described interest in real estate: (here insert description of the interest in real estate). THIS TRANSFER ON DEATH DEED IS REVOCABLE. IT DOES NOT TRANSFER ANY OWNERSHIP UNTIL THE DEATH OF THE OWNER. IT REVOKES ALL PRIOR BENEFICIARY DESIGNATIONS BY THIS OWNER FOR THIS INTEREST IN REAL ESTATE.
Instead of the words "transfer-on-death" the abbreviation "TOD" may be used.
59-3503. Same; beneficiary; revocation; change; revocation by will, prohibited.
(a) A designation of the grantee beneficiary may be revoked at any time prior to the death of the record owner, by executing, acknowledging and recording in the office of the register of deeds in the county where the real estate is located an instrument describing the interest revoking the designation. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required.
(b) A designation of the grantee beneficiary may be changed at any time prior to the death of the record owner, by executing, acknowledging and recording a subsequent transfer-on-death deed in accordance with K.S.A. 59-3502. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required. A subsequent transfer-on-death beneficiary designation revokes all prior designations of grantee beneficiary or beneficiaries by such record owner for such interest in real estate.
(c) A transfer-on-death deed executed, acknowledged and recorded in accordance with this act may not be revoked by the provisions of a will.
59-3504. Same; vesting of ownership in beneficiary; grantee beneficiary.
(a) Title to the interest in real estate recorded in transfer-on-death form shall vest in the designated grantee beneficiary or beneficiaries on the death of the record owner.
(b) Grantee beneficiaries of a transfer-on-death deed take the record owner's interest in the real estate at death subject to all conveyances, assignments, contracts, mortgages, liens and security pledges made by the record owner or to which the record owner was subject during the record owner's lifetime including, but not limited to, any executory contract of sale, option to purchase, lease, license, easement, mortgage, deed of trust or lien, claims of the state of Kansas for medical assistance, as defined in K.S.A. 39-702, and amendments thereto, pursuant to subsection (g)(2) of K.S.A. 39-709, and amendments thereto, and to any interest conveyed by the record owner that is less than all of the record owner's interest in the property.
(c) If a grantee beneficiary dies prior to the death of the record owner and an alternative grantee beneficiary has not been designated on the deed, the transfer shall lapse.
History: L. 1997, ch. 176, § 4; July 1.
59-3505. Same; joint owner.
(a) A record joint owner of an interest in real estate may use the procedures in this act to title such interest in transfer-on-death form. However, title to such interest shall vest in the designated grantee beneficiary or beneficiaries only if such record joint owner is the last to die of all of the record joint owners of such interest. A deed in transfer-on-death form shall not sever a joint tenancy.
(b) As used in this section, "joint owner" means a person who owns an interest in real estate as a joint tenant with right of survivorship.
History: L. 1997, ch. 176, § 5; July 1.
59-3506. Same; application of 58-2414 to grantor.
The provisions of K.S.A. 58-2414, and amendments thereto, apply to the grantor of a transfer-on-death deed.
History: L. 1997, ch. 176, § 6; July 1.
59-3507. Same; nontestamentary disposition.
A deed in transfer-on-death form shall not be considered a testamentary disposition and shall not be invalidated due to nonconformity with the provisions of chapter 59 of the Kansas Statutes Annotated.
History: L. 1997, ch. 176, § 7; July 1.
