What Does “Transfer On Death” Mean in Connecticut?

Part of estate planning in Canton and for anyone in Connecticut involves identifying assets and the parties to whom you want those assets to be distributed upon your death. In other words, you will be thinking about your family and other loved ones, and thinking about what property you want them to inherit from you. There are various ways that people can inherit assets: assets can be identified and left to specific parties in a will, put into a trust and distributed to beneficiaries, or transferred through beneficiary designations. If you have started to look into your options for leaving your property to loved ones, you might have come across the language of “transfer on death.”

What does “transfer on death” mean in Connecticut, and how can this language allow you to leave assets to beneficiaries after you pass away? Our Canton estate planning lawyer can explain in more detail, and we can begin working with you today on your estate planning needs.

Understanding “Transfer On Death” Language 

Many states allow for certain assets to be transferred upon the death of the owner of those assets, but it is important to understand your state’s specific law since they can vary.

Generally speaking, a “transfer on death” document or designation allows a person to identify a specific person to whom a particular asset will be transferred upon the original owner’s death. Connecticut law allows some types of “transfer on death” designations but not all of the options that other states allow. In Connecticut, you can designate “transfer on death” beneficiary for accounts, but you cannot leave real estate through a “transfer on death” deed that some states permit people to use.

Designating a “Transfer On Death” Beneficiary 

One of the major benefits of designating a “transfer on death” beneficiary is that any account with such a designation will not need to go through the probate process in order for the assets to be distributed to the beneficiary. Designating a “transfer on death” beneficiary allows that beneficiary to receive the asset quickly and without it needing to be probated.

You can consider this designation for a range of accounts that your estate planning lawyer can discuss with you. Once you have made a designation, the beneficiary will only have access to the asset or assets once you pass away. Until that point, you will remain the sole owner of the account or accounts.

Contact a Connecticut Estate Planning Attorney 

If you want to find out more about making “transfer on death” beneficiary designations to your accounts and other financial assets, it is important to seek legal advice about how to do this properly. An experienced Connecticut estate planning lawyer at the Law Office of Brian S. Karpe can speak with you today to discuss options for beneficiary designations and other important aspects of estate planning. We have years of experience helping individuals and families with estate planning and elder law matters in Canton, and we can begin working with you today. Contact us for more information.

Source:

cga.ct.gov/PS97/rpt/olr/htm/97-R-1083.htm