Bill > HB899

This bill modifies provisions related to transfer-on-death deeds, which allow property owners to designate beneficiaries who will inherit their real estate upon their death without going through probate. Key changes include clarifying that a grantee beneficiary, the person designated to receive the property, has a direct interest and can access vital records like death certificates for the deceased owner, and that the record owner must have the legal capacity to enter into a contract to create such a deed, while prohibiting attorneys-in-fact from executing them. The bill also specifies that a transfer-on-death deed cannot be used to create an express trust or convey beneficial interests in real property directly, and a real estate transfer tax declaration form is not required when filing these deeds. The process for a beneficiary to accept the property is detailed, requiring an affidavit confirming the owner's death and other information, which must be recorded within nine months of the owner's death to avoid the property reverting to the estate, though there are provisions for curing defects in previously recorded affidavits. The bill also addresses the precedence of transfer-on-death deeds over unsecured debts of the deceased owner's estate and clarifies how lapsed interests are handled if a beneficiary dies before or after the owner but before accepting the property, with such interests being split among remaining beneficiaries. Furthermore, it grants personal representatives of solvent estates certain powers to manage property expenses until acceptance by a beneficiary and outlines procedures for insolvent estates facing imminent foreclosure or destruction. Finally, the bill establishes that transfer-on-death deeds take precedence over year's support claims, a form of financial support for surviving spouses and minor children from a deceased person's estate.

Justice

https://www.legis.ga.gov/legislation/71972