For many Wisconsin families, keeping the home, cottage, or any other real estate in the family is vital, preserving ownership across generations. Yet without a proper plan, complications arise—most commonly probate. Probate is the court supervised process for distributing assets and paying creditors. It consumes time, adds stress to an already difficult season, and brings costs that could have been avoided. If your goal is to keep control of your property, do all you can to avoid probate. One simple, cost-efficient tool is the Transfer on Death (TOD) Deed.
A TOD Deed lets you name a beneficiary to take title to your real estate at your death. It bypasses probate, keeps expenses low, and requires no ongoing upkeep. Put plainly, a TOD Deed is a faster and cheaper route that keeps your real estate out of court and spares your loved ones lengthy delays.
How does it work? You keep full ownership during your lifetime, meaning you can sell or refinance at any time. The beneficiary receives the property automatically at your death, probate free. You must sign the deed, have it notarized, and record it while alive.
Why use a TOD Deed? With a will based plan, real estate still goes through probate. A revocable trust avoids probate for any assets it owns, but trusts carry higher setup costs and administration. A TOD Deed complements a will or trust because it is inexpensive, handles single asset transfers, and needs no follow up after recording. Reserve a trust for complex property concerns. For straightforward transfers, a TOD Deed offers a quick, convenient solution.
