Ohio's Transfer on Death Affidavit

Single individuals have always found it difficult to avoid probate and/or limit medicare/medicaid reimbursement risks with their primary residence and other real estate in their name.  The classic cures of some type of joint and survivor tenancy or tenancy by the entireties (in some states), while offering partial solutions also created control issues.  Once a parent's home was put into a joint and survivor form of deed with one or more children, that home became subject to all of the risks of the children.  These risks often included complications of divorce, bankruptcy, and lawsuit judgments.  In the worse scenarios, children in desperate financial situations even moved to have their parent evicted and the house sold so they could get their share of the house value.

Thanks to Ohio's new "Transfer on Death Designation Affidavit" statute R.C. 5302.22, a parent (or any single person) may now provide the benefits of probate avoidance by adding their children, or others, as beneficiaries of the real estate upon the parent's death.  Much like a similar "P.O.D." or "T.O.D." bank account, the beneficiary has no current rights to the asset, but only gets title upon the death of the primary owner.  People facing the prospect of extended care in nursing homes often gain substantial benefits by using the "Transfer on Death Designation Affidavit."

These statutory affidavits are easy to complete and record with competent counsel at relatively inexpensive rates.  Whitaker Attorneys, LLC provides easy access to this great planning tool, as well as a host of other estate and financial planning tools.  Call us today at 513-398-1910 to see how we might assist you.