Delaware State Senate Passes the Transfer on Death Act

The Delaware State Senate this week passed the Transfer on Death Act (TODA) 21-0. The Transfer on Death Act introduces non-probate transfer of real estate, which gives real property owners the ability to designate individuals as beneficiaries upon the owner’s passing. The person named to receive the property wouldn’t have any legal ownership until the current owner passes away. This act maintains the owner’s full control of the property during their lifetime, and they can sell, change, or revoke the deed at any time. The Transfer on Death Act allows estate planning to be more accessible to those in marginalized communities through its straightforward process with clear easy-to-use forms, without needing a will or a trust. It ensures transparency with two witnesses and notary requirements to protect against fraud. For anyone who does have a will, they must add the TOD to their inventory list for the closing of their estate.