Key to Transferring the Garden: Review of NY’s 2024 Transfer-on-Death Deed Law Provides Model for Pa., NJ

Private client partner Lisa Presser and associate Brian Balduzzi co-authored an article for The Legal Intelligencer on New York’s recent legislation that will allow transfer-on-death (TOD) deeds for New York property.

Effective on July 19, 2024, and codified as a new Section 424 of the N.Y. Real Property Law (the NY TOD Deed Law), the NY TOD Deed Law permits an individual who owns New York real estate to designate beneficiaries to inherit the real estate upon the transferor’s death, while retaining full control during his or her lifetime. With most states allowing a TOD deed, Presser and Balduzzi recommend the Pennsylvania and New Jersey legislatures consider passing a similar type of statute to benefit those owning real estate in their states.

The full article is available to ALM subscribers.