These are the most commonly mentioned pros and cons of transfer on death (beneficiary) deeds for real estate as compiled from  approximately a dozen law and estate planning websites in several states.

Pros Cons
1. Avoids expense of probate (easily a few thousand dollars if a house sits vacant). 1. If multiple owners make a transfer on death deed, then the last one surviving can revoke the deed or change the beneficiaries against the wishes of the deceased owners.
2. Avoids delay of probate (several months). 2. In Ohio, only equal shares in a property are transferred to beneficiaries in a transfer on death deed.
3. You can revoke the deed at any time (unlike adding your heir to your title as co-owner - you would then need their permission to make any changes to a deed). 3. When the property is transferred on death to multiple beneficiaries, they would then have to cooperate with each other to manage the property.
4. You can change the beneficiaries at any time by making a new deed. 4. Does not avoid estate taxes like a living trust (but only a concern for an estate over the estate tax exclusion minimum of $1,000,000).
5.You retain full use and control of your property throughout your lifetime -- you have no restrictions on selling, renting, using  the property as collateral. 5. Recording of the deed with the county shows to whom, at that time, you intend to leave your property.
6. Easy to create compared to living trust - one simple form.
7. Cheap to create - one simple form ( recording costs around $30).
8. No risks from co-owners (for example if you add your heir as a co-owner to a regular deed (Warranty deed, etc.), and a creditor sues the heir, then your property may be at risk).