Whether you have a will or not, your property will still go through the probate court system. A Transfer on Death Deed conveys property outside of probate, allowing for you to avoid incurring court costs. Also, it excludes real property from Medicaid estate recovery.

The Transfer on Death Deed does not replace a will. The will may still remain an important part of your estate plan especially if you have special bequests or a large amount of personal property. A Transfer on Death Dead covers only real property, like land and improvements, and conveys property outside of probate which allows you to avoid court costs. It is best if your will and transfer on Death Deed are consistent as to who receives your home and land. If your will and Transfer on Death Deed are inconsistent, the person named in the Transfer on Death Deed, not your will, will own your property after your death. 

• If your heirs can decide on who gets furniture, jewelry, clothing, etc. Then the courts would not have to be involved with deciding who gets possession of those items.  
• If you have stocks or mutual funds, all of the investment houses will allow you to name a beneficiary to receive those investments without going through the courts.
• Similarly, if you have a savings or checking account, you should make sure that it is either a joint account where a surviving heir has access to make deposits and withdrawals during your lifetime, or that it is a POD or “payable on death” account, where you designate a beneficiary who will obtain ownership of the account when you pass away outside of the court system. 

Yes, the Transfer on Death Deed allows you to name more than one beneficiary, as well as alternate beneficiaries.