Bill > S0049

This bill establishes a Transfer on Death (TOD) designation for real property in South Carolina, allowing property owners to specify beneficiaries who will automatically receive their real estate upon their death without going through the traditional estate administration process. Under this legislation, property owners can create a TOD designation by filing an affidavit in the county records, which must be liberally interpreted to reflect the owner's intent. The bill specifies different rules for sole owners and multiple owners with right of survivorship, ensuring that beneficiaries have no ownership rights during the original owner's lifetime and that the original owner can revoke or modify the designation at any time. For sole owners, if no beneficiary survives, the property goes to the owner's estate; for multiple owners with right of survivorship, the property passes to surviving owners and then to designated beneficiaries upon the last owner's death. The master in equity will be responsible for retitling the property to beneficiaries or the personal representative based on proof of death, and only properties owned with "or" titling (joint tenancy with right of survivorship) are eligible for this transfer method. The act will take effect upon the Governor's approval, providing a new method for property transfer that can potentially simplify the inheritance process for property owners in South Carolina.

Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=49&session=126&summary=B