We have received questions from clients about the "transfer on death (TOD) deeds" and the changes in the law.

In April of this year, the New York Legislature passed a law regarding real estate inheritance. Starting on July 19, 2024, property owners can name someone to automatically inherit their property upon their passing. This process is similar to naming beneficiaries for investment accounts or setting up payable-on-death instructions for bank accounts.



TRANSFER ON DEATH (TOD) DEEDS IN NEW YORK

Authored by Wayne Carrabus, CPA, Esq.

Section 424, which provides for Transfer on Death (TOD) Deeds, was recently added to New York State’s Real Property Law, and will become effective on July 19, 2024. With a TOD Deed, the owner of real property, or transferor, can transfer the property to one or more named beneficiaries upon the transferor’s death. Because the transfer occurs automatically upon the transferor’s death, there is no need for the heirs to go through a probate proceeding to gain control over the property.

Here are a few important things to note regarding TOD Deeds:

1. A TOD Deed must be signed by two (2) individuals . . .

WHAT IS THE DIFFERENCE BETWEEN A PERSONAL INJURY CASE, A MEDICAL MALPRACTICE CASE AND A WORKER’S COMPENSATION CASE?

Authored by Barrie E. Bazarsky, Esq.

Even though I will give a brief description of each, it is important to note that a claim may share components of all of these. As such, it is important that you speak with an attorney who is familiar with all 3 so that your matter will be dealt with properly.

A personal injury matter is simply an event that results in a personal injury; however, in legal practice, it means that a person is injured in an accident, not job or medical negligence related, for example, a car accident.

A medical malpractice case is one where a person is injured by medical negligence, the legal definition of which is a case. . .