Transfer on Death Statement
- 1). Hire an attorney. States have different regulations concerning the transfer of property after death. An attorney will help you understand the regulations and your options for estate planning. Most state transfer on death statutes are based on the Uniform Non-Probate Transfers on Death Act, promulgated in 1989 by the National Conference of Commissioners on Uniform State Laws.
Consider giving the family attorney power to execute the transfer on death statement if your family members, after your death, argue with each other over how your property is to be distributed. - 2). List the beneficiaries who will receive your assets. Choosing beneficiaries is entirely the prerogative of the property owner. Consider allocating your assets as fairly as possible to reduce the possibility of conflict after your death. Any liabilities, taxes and mortgages on the property will be passed on to the beneficiary.
- 3). Register your stocks and bonds with the Securities and Exchange Commission (SEC). Most states have adopted the provisions of the Uniform Transfer on Death Security Registration Act to ease the registration process. If you register your securities, the administrator of your estate does not have to take any action to transfer the securities to the designated beneficiary. Upon the owner's death, the beneficiaries will re-register the securities in their names by sending a copy of the death certificate and an application for re-registration to the transfer agent at the SEC.
- 4). Give a copy of the transfer on death statement to your beneficiaries, give a copy to the attorney and keep one for your files. After you die, a death certificate, the transfer on death statement and the required fees are sent to the county registrar to certify the beneficiary as the owner of the properties.
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