Transfer-on-death deed is a deed that automatically transfers property to a designated beneficiary upon the death of the property owner without probate, facilitating the executor's disposition of the property owner's assets after death. The beneficiary may be an individual or an organization, such as a charity. A substitute or successor beneficiary may also be named in case the first beneficiary dies. The beneficiary does not have access to the assets until the death of the asset owner. Also termed beneficiary deed. See also: transfer-on-death (TOD).
[Last updated in September of 2021 by the Wex Definitions Team]