Attorney-Approved Transfer-on-Death Deed Document for the State of Wisconsin Fill Out Transfer-on-Death Deed Now

Attorney-Approved Transfer-on-Death Deed Document for the State of Wisconsin

The Wisconsin Transfer-on-Death Deed form allows property owners to transfer their real estate to beneficiaries upon their death without going through probate. This legal tool provides a straightforward way to ensure that your property is passed on according to your wishes. Understanding how to properly fill out this form is crucial for effective estate planning, so take the next step by clicking the button below to start the process.

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Additional State-specific Transfer-on-Death Deed Templates

Free Kansas Transfer on Death Deed Form - This deed needs to be properly filled out and signed to ensure its legal effectiveness.

Where Can I Get a Tod Form - A Transfer-on-Death Deed ensures your property is transferred in line with your wishes.

Similar forms

The Wisconsin Transfer-on-Death Deed (TODD) is similar to a traditional will in that both documents allow individuals to dictate how their assets will be distributed upon their death. A will requires the probate process, which can be time-consuming and costly. In contrast, a TODD allows for the direct transfer of property to beneficiaries without the need for probate, making the process more efficient and less burdensome for loved ones. This document can be particularly beneficial for those looking to simplify their estate planning while ensuring their wishes are honored.

Sample - Wisconsin Transfer-on-Death Deed Form

Wisconsin Transfer-on-Death Deed Template

This Transfer-on-Death Deed is executed pursuant to the Wisconsin Statutes § 700.401 - § 700.411. This legal document allows an individual to transfer real estate upon death, bypassing the probate process.

This deed is made on this _____ day of __________, 20___.

The Grantor(s):

Name: __________________________________

Address: ________________________________

City, State, Zip: ______________________

The Grantee(s):

Name: __________________________________

Address: ________________________________

City, State, Zip: ______________________

Legal Description of Property:

_________________________________________

_________________________________________

1. Transfer Upon Death: The Grantor(s) hereby transfer the described property to the Grantee(s) upon the death of the Grantor(s).

2. Revocation: This Transfer-on-Death Deed may be revoked by the Grantor(s) during their lifetime through a subsequent recorded instrument.

3. No Consideration: This transfer is made without any form of consideration ("payment").

4. Effectiveness: This deed shall become effective upon the death of the Grantor(s), provided it is recorded before the Grantor(s)’ death.

5. Signatures:

In witness whereof, the Grantor(s) have executed this Transfer-on-Death Deed on the day and year first above written.

Grantor Signature: ____________________________

Date: ____________________________________

Witness Signature: ___________________________

Date: ____________________________________

Notary Public:

State of Wisconsin

County of _________________________________

Subscribed and sworn to before me this _____ day of __________, 20___.

Notary Signature: __________________________

My Commission Expires: _____________________

Misconceptions

Many people have misunderstandings about the Wisconsin Transfer-on-Death Deed form. Here are four common misconceptions:

  • It automatically transfers property upon death. The Transfer-on-Death Deed does not transfer property until the owner passes away. Until that time, the owner retains full control over the property.
  • It avoids probate entirely. While the Transfer-on-Death Deed allows for the property to pass outside of probate, it does not eliminate the need for probate for other assets or debts the deceased may have.
  • Only certain types of property can be transferred. This deed can be used for residential real estate, but it cannot be used for commercial properties, timeshares, or personal property like vehicles or bank accounts.
  • It cannot be revoked once created. The Transfer-on-Death Deed can be revoked or changed at any time before the owner's death, as long as the proper procedures are followed.

Listed Questions and Answers

  1. What is a Transfer-on-Death Deed?

    A Transfer-on-Death Deed (TODD) allows property owners in Wisconsin to transfer real estate to a designated beneficiary upon their death without going through probate. This deed is recorded during the owner’s lifetime and takes effect automatically when the owner passes away.

  2. Who can use a Transfer-on-Death Deed in Wisconsin?

    Any individual who owns real estate in Wisconsin can use a TODD. This includes homeowners, landowners, and individuals holding title to real property. However, the deed must be executed in accordance with Wisconsin law to be valid.

  3. How do I complete a Transfer-on-Death Deed?

    To complete a TODD, follow these steps:

    • Obtain the Transfer-on-Death Deed form from a reliable source.
    • Fill out the form with accurate information, including the property description and the beneficiary's details.
    • Sign the deed in front of a notary public.
    • Record the signed deed with the county register of deeds in the county where the property is located.
  4. Can I change or revoke a Transfer-on-Death Deed?

    Yes, you can change or revoke a TODD at any time while you are alive. To do this, you must execute a new TODD or a revocation document and record it with the county register of deeds. Ensure that the new document is properly completed and recorded to avoid any confusion.

  5. What happens if the beneficiary dies before me?

    If the designated beneficiary dies before you, the TODD will not transfer the property to them. Instead, the property will become part of your estate and will be distributed according to your will or Wisconsin intestacy laws if you do not have a will.

  6. Are there any tax implications with a Transfer-on-Death Deed?

    Generally, a TODD does not trigger any immediate tax implications for the property owner. The property is not considered part of your taxable estate until your death. However, beneficiaries may be subject to capital gains tax when they sell the property. It is advisable to consult a tax professional for specific guidance based on individual circumstances.