Lisa S. Presser, left, and Brian M. Balduzzi, right, of Faegre Drinker Biddle & Reath. Courtesy photos Key to Transferring the Garden: Review of NY's 2024 Transfer-on-Death Deed Law Provides Model for Pa., NJ
With a majority of states allowing a TOD deed, the Pennsylvania and New Jersey legislatures should consider passing a similar type of statute to benefit those owning real estate in their states.
July 29, 2024 at 11:55 AM
10 minute read
New York recently enacted legislation to allow transfer-on-death (TOD) deeds for New York property, becoming the 30th state (including Washington, D.C.) to pass a TOD law. Effective on July 19, 2024, and codified as a new Section 424 of the N.Y. Real Property Law (the NY TOD Deed Law), the NY TOD Deed Law permits an individual who owns New York real estate to designate beneficiaries to inherit the real estate upon the transferor's death, while retaining full control during his or her lifetime. With a majority of states allowing a TOD deed, the Pennsylvania and New Jersey legislatures should consider passing a similar type of statute to benefit those owning real estate in their states.
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