The quitclaim or grant deed, on the other hand, transfers property instantly upon execution. After death, the TOD is executed. As a result, the property owner can revoke it at any moment while still living. If the property title specifies "joint with rights of survivorship," you do not need a will, trust, or TOD. The surviving spouse will automatically receive ownership of the property. TODs are useful for transferring assets to children or other beneficiaries who cannot sign legal documents. With a TOD, the property passes directly to them upon your death without going through an estate. The TOD must be written up front and cannot be changed later. A quitclaim or grant deed does not require you to know anyone involved in transferring the property. Therefore, they are good options if you want to transfer property without having others aware of your plans. However, if you change your mind about the transaction after executing the document, there is no way to reverse its effects. If you are planning to transfer large amounts of property or share your home with others, we recommend using a TOD. This will allow you to consider all your options before making a decision that will have an impact on future generations. TODs can also help prevent family conflicts over what should happen to the property when you die. If you write your wishes in a document that isn't secret, but is known by everyone, then there will be no arguments about how you wanted things to be handled.