NJ A4539

Allows individuals 18 years or older of sound mind to transfer real property to designated beneficiaries effective upon the transferor's death through a transfer on death (TOD) deed, which must be recorded with the County Clerk before death

TOD deeds are revocable at any time during the transferor's life and do not require notice to, delivery to, acceptance by, or consideration from the designated beneficiary

Designated beneficiaries must survive the transferor to receive the property; if a beneficiary dies before the transferor, their interest lapses and passes to other named beneficiaries proportionally

TOD deeds do not affect the transferor's right to sell, transfer, or encumber the property during their lifetime, nor do they create any legal interest for beneficiaries or affect eligibility for public assistance until after death

If the transferor's probate estate is insufficient to cover allowed claims or statutory allowances to surviving spouses or children, the estate may pursue the property transferred via TOD deed within 18 months of death