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New York State Law Now Allows One to Name a Beneficiary on a Deed
Effective July 19, 2024, New Yorkers will be able to file the newly authorized “Transfer on Death” deed form. This new form allows an individual to designate their property deed to transfer to one or more beneficiaries upon their death – without the property needing to go through probate. This deed is revocable, and only goes into effect at the individual’s death. Therefore the beneficiary has no legal ownership of the property before that time. As a note, the beneficiary of the property is still subject to all mortgages, liens, and other interests to which the property is subject at the time of the death of the transferor.
It is recommended that before filing a Transfer on Death deed the individual first consult with their attorney. Our Estate Planning Attorneys are well versed in the New York State Real Property Law, and can help you decide if this option is right for your specific situation.
