For estate plans where a trust is not necessary, the Ohio Revised Code permits an effective way to transfer real property upon a person’s death and avoid probate - the use of a Transfer on Death Affidavit of Designation. The owner or owners of the property in an affidavit reiterate the current status of title to the property, and state to whom the property is to be transferred upon the death of the property owner(s). It is also possible to list contingent beneficiaries. However, special attention needs to be made in order to make sure that the Affidavit of Designation complies with the requirements of the Ohio Revised Code in order for the affidavit to be valid.
The signing and recording of the affidavit is not treated as a transfer of the property at the time the designation is made, and the current owner retains all rights of ownership. The transfer on death designation may be revoked by the property owner at a later date. Upon the death of the owner, an Affidavit of Confirmation is recorded, typically by one of the beneficiaries, along with a certified copy of the death certificate of the deceased owner. Upon the recording of the Affidavit of Confirmation, the property is transferred to the beneficiary or beneficiaries by operation of law. For more information about the potential use of transfer on death affidavits, contact your Stark & Knoll attorney.