Transfer On Death Deed – Minnesota Thoughts?

Transfer On Death Deed – Minnesota Thoughts?

Just learned about these recently. We don't have a large estate, and aren't excited about the relatively large cost of a trust. Our house is paid off and we have no debt. We are in our mid-60s in decent health, with 2 adult married sons who get along well. Odds are we'll sell this house and start renting somewhere before we die, but who knows the future.

All our savings and investments accounts are set up with our sons as 50-50 beneficiaries.

My wife had part ownership of her mother's house, which sold last year and created capital gains tax issues for us and her siblings.

It's my understanding a TODD would bypass probate AND also provide a step-up basis. Those both seem worth pursuing now to simplify things for our sons if/when.

I'd welcome any thoughts on the matter, including the best way to go about it. I did some research and found the forms and can go downtown as much as is needed. Wondering if it would be worth hiring a real estate attorney to make sure it gets done right.