Transfer on Death
/ˈtrænsfər ɒn dɛθ/
Definitions
- (n.) A legal arrangement allowing property to transfer directly to a named beneficiary upon the owner's death, bypassing probate.
She designated her brother as the beneficiary under a transfer on death deed to avoid probate.
- (n.) A designation on financial accounts that directs assets to pass automatically to a beneficiary at the owner's death.
The retirement account had a transfer on death beneficiary designation to ensure a smooth succession.
Forms
- transfer on death
Related terms
See also
Commentary
Often used to avoid probate, transfer on death arrangements must be properly executed and vary by jurisdiction in effect and formalities.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.