Bill > HB147

This bill introduces the Uniform Real Property Transfer on Death Act to Delaware, enabling property owners to transfer real estate to designated beneficiaries upon their death without going through probate, similar to how bank accounts and vehicles can already be transferred. The legislation allows property owners to execute a transfer on death (TOD) deed that can be recorded with the county recorder of deeds, which will automatically transfer the property to a named beneficiary upon the owner's death. During the owner's lifetime, the beneficiary has no legal interest in the property, and the owner retains full rights to sell, mortgage, or revoke the deed. The bill includes detailed provisions specifying the requirements for creating and revoking a TOD deed, ensuring the process is legally sound and protecting the rights of property owners. Additionally, the bill makes complementary amendments to several other sections of Delaware code to accommodate this new transfer mechanism, including updating provisions related to property insurance, tax reporting, and estate inventories. Key protections are built into the law, such as requiring two witnesses for the deed, mandating the owner be of sound mind, and allowing the estate to pursue claims against the transferred property if necessary to satisfy creditors or statutory allowances.

Government Affairs

https://legis.delaware.gov/BillDetail?LegislationId=142128