New York Enacts Transfer-on-Death Deeds Law

Between July 22 and July 26, various property transfers were recorded in Ottawa County, with notable transactions including a $800,000 sale at 4882 Tradewinds Drive and a $425,000 sale at 721 Hidden Harbor Drive. In Warren County, a single transaction of $3,000 was recorded, transferring ownership to the Little Swan Lake Sanitary District. Additionally, New York has become the 30th state to enact transfer-on-death (TOD) deeds, allowing property owners to designate beneficiaries for their real estate upon death, effective July 19, 2024. This legislation aims to simplify property transfers and may encourage neighboring states like Pennsylvania and New Jersey to adopt similar laws. The NY TOD Deed Law maintains that property owners retain full control during their lifetime while specifying the transfer process upon death, which does not require beneficiary acknowledgment. This new law introduces formalities similar to other deeds and provides a flexible option for estate planning.