transfer on death deeds
Since 2000, Ohio law has allowed property owners to avoid the probate process with a transfer on death deed, a deed that automatically transfers real property to a designated beneficiary upon the death of the property owner. Under a new Ohio law, such transfers now require the preparation of an affidavit rather than a transfer on death deed. The new law also allows those who hold "survivorship rights" in property to transfer their rights upon death, which the previous law prohibited.
The changes occurred in S.B. 124, which became effective upon the governor's signature on December 28, 2009. The Ohio State Bar Association's Real Property Law Section proposed the changes to simplify the transfer on death process and remove confusion over the rights of those holding survivorship deeds.
See the bill and its changes to Ohio Revised Code Chapter 5302 here. The Legislative Service Commission's analysis of S.B. 124 is available here. Visit this website for a good summary of the law.
Tags: deeds, Estate Planning, transfer on death deeds