No. The beneficiary named in your TODD has no rights to your real estate whatsoever during your lifetime. The beneficiary cannot transfer, mortgage or pledge an interest in your real estate as long as you are alive.
Any attempt by the beneficiary to use your real estate as collateral is illegal as well. Why? Because the beneficiary has no rights until after you pass away. You still could sell the real estate during your lifetime. You still could revoke the TODD during your lifetime. You still could designate a different or additional beneficiary to your TODD during your lifetime. You maintain complete control over the beneficiaries!
For more information, see Minn. Stat. § 507.071.
By the way, when will the Cubs finally win the World Series? I’m thinking about 2058. Just another 5 decades or so!
