Property Ownership
Indiana's Transfer on Death (TOD) deed allows a property owner to:
ATransfer property during their lifetime without consideration
BDesignate a beneficiary who automatically receives the property at the owner's death, bypassing probate✓ Correct
CCreate a trust for the property
DDivide the property equally among all heirs
Explanation
An Indiana TOD deed (also called a beneficiary deed) allows a property owner to name a beneficiary who receives the property automatically at the owner's death, without going through probate.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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