This form creates a Transfer on Death Deed. After it is filed and the owner or owners die the named beneficiary can file a cliam and the property is transferred into their own name.
The beneficiary must do this within 9 months of the death.
This form can be revoked if the owner changes his or her mind. The owner is free to sell, mortgage, rent or even give away the property without getting permission or even notifying the named beneficary.
This works even if there is a Will that says something different or there is no Will at all. No probate or court approval is necessary.