Yes, as long as you are still alive (and competent). You can revoke or change your TODD whenever you wish. In our illustration above, we see how one former beneficiary has been locked out from his inheritance! There will be no entry for Michael at these gates.
Let’s say you prepared and filed a TODD naming your two children, Michael and Homer, as beneficiaries of your home. Two years from now, you decide that you would prefer to give your home to your new wife, Matilda, when you pass away. You can file a document with the County to revoke the TODD and there is nothing your children Michael or Homer can do to prevent it.
In the alternative, you can file a new TODD naming your new wife Matilda as beneficiary. That new TODD naming Matilda will trump the earlier TODD naming your children as beneficiaries of your home.
The best method to handle a situation like this is to file a document with the County revoking the TODD naming your two children as beneficiaries. Then after that document is filed, submit a new TODD naming your new wife as beneficiary. That way, you reduce any potential confusion regarding your true intentions.
Note: a revocation of the TODD must be recorded with the County prior to your death if you are wishing to have the original beneficiaries removed but not replaced.
For more information, see Minn. Stat. § 507.071.
