Wisconsin recently passed a statute that alters the use of Transfer on Death (TOD) deeds as it pertains to certain types of interests in real property. Previously, the only types of interests that could be passed through a TOD deed were those in property solely owned, owned by spouses as survivorship marital property, or owned by two or more persons as joint tenants. Under section 705.15(1)(m) of the Wisconsin Statutes, a person may use any document to name a TOD beneficiary, not just in a deed. Also, now the interests in real property owned as tenants-in-common and an interest in real property owned by a spouse as marital property without a right of survivorship may be transferred at death. The new law stipulates that a TOD document and all recording fees must be submitted to the register of deeds in the county where the property is located prior to the death of the owner.
See Jacqueline L. Messler, Use of Transfer on Death (TOD) Deeds Broadened Under New Statute, National Law Review, May 18, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
