summary
Introduced
02/10/2023
02/10/2023
In Committee
02/10/2023
02/10/2023
Crossed Over
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Maryland Real Property Transfer-on-Death (TOD) Act FOR the purpose of altering the Maryland Uniform Disclaimer of Property Interests Act to provide for the disclaimer of nonprobate transfers at death; providing for the creation, revocation, recordation, and effects of a transfer-on-death deed for real property; requiring the Administrative Office of the Courts to develop an informational sheet regarding transfer-on-death deeds; providing example forms for the creation and revocation of a transfer-on-death deed; altering certain recording requirements for the clerks of the circuit court; exempting a transfer-on-death deed from certain property transfer taxes; providing for the interpretation of this Act; providing for the retroactive application of this Act to transfer-on-death deeds executed prior to the effective date of this Act; and generally relating to transfer-on-death deeds. BY adding to Article - Estates and Trusts Section 1-402 to be under the amended subtitle “Subtitle 4. Nontestamentary Transfers” Annotated Code of Maryland (2022 Replacement Volume and 2022 Supplement) BY repealing and reenacting, without amendments, Article - Estates and Trusts Section 9-201(a) and (b) and 9-209(a) Annotated Code of Maryland (2022 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Estates and Trusts Section 9-209(e) and (f) and 9-212 Annotated Code of Maryland HOUSE BILL 986 (2022 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Real Property Section 3-104 Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY adding to Article - Real Property Section 14-801 through 14-814 to be under the new subtitle “Subtitle 8. Maryland Real Property Transfer-on-Death (TOD) Act” Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY adding to Article - Tax - Property Section 12-108(ii), 13-207(a)(27), and 13-414 Annotated Code of Maryland (2019 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Tax - Property Section 13-207(a)(25) and (26) Annotated Code of Maryland (2019 Replacement Volume and 2022 Supplement)
AI Summary
This bill establishes the Maryland Real Property Transfer-on-Death (TOD) Act, which allows an individual sole owner of property to transfer the property to a beneficiary effective at the transferor's death through a transfer-on-death deed. The bill provides requirements for creating, recording, revoking, and the effects of a TOD deed, and exempts TOD deeds from certain property transfer taxes. The bill also requires the Administrative Office of the Courts to develop an informational sheet on TOD deeds and provides example forms for creating and revoking a TOD deed. The bill applies retroactively to TOD deeds executed prior to the effective date of the Act.
Committee Categories
Justice
Sponsors (1)
Last Action
House Judiciary Hearing (13:00:00 3/8/2023 ) (on 03/08/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0986?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0986f.pdf |
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