Bill > S0141

This bill introduces the Uniform Real Property Transfer on Death Act, which allows property owners to execute a transfer on death (TOD) deed that enables them to name beneficiaries who will automatically receive title to their real property upon the owner's death, without going through probate. The bill establishes comprehensive guidelines for creating, recording, and revoking these deeds, including specific requirements such as the deed must be recorded before the owner's death, contain essential deed elements, and clearly state the transfer will occur upon the owner's death. The legislation defines key terms like "beneficiary" and "transferor," specifies that the deed is revocable, and outlines that it does not affect the owner's rights during their lifetime, including their ability to sell or encumber the property. The bill provides optional standardized forms for creating and revoking TOD deeds, includes provisions for handling situations like multiple beneficiaries or when a beneficiary dies before the owner, and addresses how the property will be transferred after the owner's death, including potential claims by creditors. The act will apply to TOD deeds made before, on, or after January 1, 2026, for owners dying on or after that date, and is designed to provide a clear, uniform method for transferring real property outside of the traditional probate process.

Justice

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