The Impact of Transfer on Death Designations

If you have not read our article related to the statutes and cases related to Transfer on Death designations, please go here when you get ten minutes. To summarize, if you use Transfer on Death as a means to transfer vehicles or real estate, please make sure that your current insurance carrier includes the beneficiaries as additional insured parties on your property and casualty insurance. Otherwise, claims made against the owners of property (think auto accident or slip and fall) and losses to the property (think fire damage or tree falling on home) will not be covered by insurance from the moment of the owner’s death until the TOD beneficiary gets their own property and casualty insurance.