Transfer on Death Deeds and TOD beneficiary designations can be great tools when utilized properly, but they are definitely not an end-all-be-all solution for most people. This type of planning is extremely limited. You can generally only control the outcome if at least one of the named beneficiaries outlives you and there is very little by way of protections for minor or disabled beneficiaries. Also, there are often pitfalls to outright beneficiary designations that are not common knowledge, such as the disputes that often arise between siblings that co-own property together.
I recommend consulting with an estate planning lawyer regardless of what you have put in place yourself, even if you think you don’t have “enough” assets to worry about estate planning. You might be surprised at the things you did not even know to consider.
