A Transfer on Death deed (TODD) in New York can only be used by individuals.
According to RPL § 424(1)(g) defines a "transferor" as an "individual who makes a transfer on death deed."
Similarly, RPL § 424(3) states that an "individual" can transfer property to beneficiaries at death by a transfer on death deed.
Further, RPL § 424(1)(c) defines a "joint owner" as an "individual who owns property concurrently with one or more other individuals with a right of survivorship."
The Uniform Real Property Transfer on Death Act (2009) explains:
The term “transferor” does not include a corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any legal or commercial entity other than an individual.
This restriction ensures that only natural persons can utilize TODDs, which may simplify the process and reduce potential complications that could arise if entities were allowed to use them. This restriction captures the statute's goal of creating a straightforward method for individuals to transfer property upon death without the need for probate.
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