Bill > LB422

This bill modifies the Nebraska Uniform Real Property Transfer on Death Act by updating requirements for transfer on death deeds and property insurance coverage. Specifically, the bill adds a new warning to transfer on death deeds that explains potential property insurance implications after the property owner's death. The new warning informs designated beneficiaries that property insurance may expire 30 days after the transferor's death unless the beneficiary is added to the policy or alternative coverage is obtained. Additionally, the bill introduces a new section clarifying insurance coverage for beneficiaries, which effectively ensures that the designated beneficiary is considered an insured party under the existing property insurance policy for a limited time after the transferor's death. This helps protect the beneficiary's interests during the transition period following the property transfer. The changes aim to provide more transparency and protection for individuals using transfer on death deeds by clearly outlining potential insurance and financial risks associated with inheriting real property.

Justice

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59337