Your home may be one of the most valuable assets you leave behind. An Ohio transfer-on-death (TOD) designation affidavit lets you name who will receive your share of the home after you die without sending the property through probate, the court process for settling an estate. For your family, that may mean less court involvement during an already difficult time.
What control do you keep after filing?
Naming a beneficiary does not give that person ownership rights while you are alive. The designation does not prevent you from selling your interest in the home. You may also change or cancel the designation by recording a new affidavit.
You can name multiple people and backup beneficiaries. When you name more than one, they generally receive equal, separately owned shares unless the document says otherwise.
What makes the affidavit valid in Ohio?
You must record the affidavit with the county recorder where the property is located before your death. It must identify the property, your share of ownership, your marital status and your beneficiaries, and you must sign it before a notary.
If you are married, your spouse must also sign. This places their dower rights, the right to use part of certain real estate for life, behind the rights of the people you named.
What happens after your death?
A surviving beneficiary must present a follow-up document called an affidavit of confirmation to the county auditor and file it with the county recorder. The filing must include a certified copy of the owner’s death certificate. The beneficiary receives the property with any existing mortgage, claims for unpaid debts and other limits on the title.
The TOD designation does not prevent the state from seeking repayment for certain Medicaid benefits after you die. If you or a spouse who died before you received Medicaid, the state may still seek repayment from the property when recovery rules apply.
Coordinate the transfer with your estate plan
The affidavit can simplify the transfer of your home, but it applies only to the ownership share described in the document. Reviewing it alongside your will, trusts, beneficiary designations and ownership records can help prevent conflicting instructions and unexpected problems for your family.
