Definition: A type of deed that can be used in a handful of states (currently Arizona, Arkansas, Colorado, Indiana, Kansas, Michigan, Minnesota, Missouri, Montana, Nevada, New Mexico, Ohio, Oklahoma and Wisconsin) to transfer ownership of real estate outside of probate to the beneficiaries named in the deed.
In some states a sworn affidavit instead of a deed is required to designate the transfer on death beneficiaries.
Also Known As: Beneficiary Deed, TOD Deed
