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In the tutorial, Philip Bruce, an estate planning attorney in Minnesota, explains the concept of a Transfer on Death Deed (TODD). This legal document allows homeowners to designate a beneficiary for their property, similar to how bank accounts or life insurance policies operate. When a homeowner files a TODD, it adds a beneficiary designation to the property, ensuring a smoother transfer upon their death. Bruce emphasizes the importance of properly filing the deed through an attorney, cautioning against DIY methods, as mistakes may only be discovered after one's passing, leading to complications in court.