Bill > H4264

This bill establishes the "South Carolina Enhanced Life Estate Deed Act," which creates a new legal instrument known as an enhanced life estate deed (also called a "Lady Bird deed") that allows property owners to transfer real estate to designated beneficiaries upon their death while retaining full control of the property during their lifetime. The deed enables the grantor to use, sell, mortgage, lease, or completely revoke the deed at any time without needing permission from beneficiaries. When the grantor dies, the property automatically transfers to the named remainder beneficiaries without going through probate court. The bill specifies that the deed must be in writing, recorded with the county register of deeds, and contain key provisions such as naming a trustee and remainder beneficiaries. Importantly, the property remains part of the grantor's estate for tax purposes, allows the grantor to keep homestead tax exemptions, and will not be counted as a gift for Medicaid eligibility. The deed also provides some protection against creditor claims and allows title insurance companies to issue policies without requiring beneficiary consent. The law is designed to give property owners more flexibility in estate planning by providing a simple mechanism to transfer property upon death while maintaining complete control during their lifetime.

Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=4264&session=126&summary=B