In July of 2020, the Mississippi legislature created statutory guidelines for “Transfer on
Death Deeds.” SB 2851 was signed into law on June 29, 2020, by Governor
Reeves and became effective July 1, 2020. The “Mississippi Real Property Transfer on
Death Act” provides the requirements for using a transfer on death deed (“TODD”) in
Mississippi.
A TODD is a legal document that transfers an individual’s interest in real property to one or
more designated beneficiaries effective at the transferor’s death. The TODD requires the
property owner (the “transferor”) to name a person (the “beneficiary”) to whom the property
will automatically transfer at the death of the transferor. The creation and filing of a TODD
does not impact the rights of the transferor while living. In other words, the transferor retains
all rights and control over the property, including the right to sell, transfer, encumber, and
use the property. A TODD does not change ownership of or rights to the property until the
death of the transferor.
This is a new way and efficient way to assist in the Estate planning process. This allows property to be transferred without the necessity of Probate. Please contact our office today to discuss this new and useful tool in the Estate Planning process.