Transfer on Death Deeds in New York: Do They Save Money?
Estate planning attorney Andrew R. Randisi breaks down when a transfer on death deed makes financial sense for New York property owners.
A Rochester-based estate planning attorney is raising questions about whether transfer on death deeds — a tool sometimes marketed as a probate shortcut — actually deliver the cost savings New York property owners expect.
Andrew R. Randisi, writing through HelloNation, argues that the financial case for a transfer on death deed depends heavily on individual circumstances, including the complexity of the estate, the specific needs of intended beneficiaries, and any encumbrances or concerns tied to the property itself. The deed allows an owner to pass real property directly to a named beneficiary upon death, bypassing the formal probate process.
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While avoiding probate can reduce legal fees and court costs, Randisi's analysis suggests those savings are not guaranteed. Factors such as a beneficiary's eligibility for government benefits, outstanding liens on the property, or complications that arise when multiple heirs are involved can erode or entirely offset the anticipated financial advantage of using this instrument over alternatives like a living trust or traditional will.
The piece underscores that estate planning decisions in New York carry unique legal considerations, and that a tool appropriate for one family's situation may create unintended costs or legal complications for another. Consulting a qualified estate planning attorney before executing any deed transfer remains the practical takeaway from Randisi's examination.
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