The owner retains absolute title to and control over the real property until death. 524.2-702, named beneficiaries must outlive the grantor owners by at least 120 hours to become eligible for the property. Unlike most other real estate deeds, transfer on death deeds do not convey any rights or interests to the beneficiaries until the grantor owner's death. Transfer on death deeds do NOT pass a current or future interest in the property, so the owner's interests are fully protected while he/she remains alive. By executing and recording a transfer on death deed instead, owners still avoid the need for probate distribution of that portion of their assets. Joint tenants, however, share a current interest in the real property, and all owners must execute any changes or reconveyances. The nature of joint tenancy includes the right of survivorship, which, by function of law, automatically distributes a deceased joint tenant's title rights to the surviving tenants. Some people avoid probate by owning property as joint tenants. In most cases, when a land owner dies, his/her real property enters the probate system along with the rest of the estate. Transfer on death deeds are useful estate planning tools for owners of Minnesota real estate. Minnesota's transfer on death deeds are governed by Minn.
Minnesota Transfer on Death Deed Information
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