Bill > S2050

This bill, titled the "Uniform Real Property Transfer on Death Act," allows property owners to designate beneficiaries who will inherit their real estate upon their death without the need for probate, a legal process that typically handles the distribution of a deceased person's assets. This new law, which applies to deeds made on or after January 1, 2027, by individuals dying on or after that date, permits the creation of a "transfer on death deed" that names specific beneficiaries to receive the property. The deed must meet the requirements of a standard deed, clearly state that the transfer occurs at death, and be recorded before the owner's death. Importantly, these deeds are revocable by the owner at any time through a new recorded deed or a separate revocation instrument, and they do not affect the owner's rights to sell or encumber the property during their lifetime. The property is transferred to the beneficiaries subject to any existing liens or encumbrances at the time of the owner's death, and a beneficiary must survive the owner to inherit. The bill also includes provisions for disclaiming an inheritance and outlines how creditor claims and statutory allowances will be handled if the deceased's probate estate is insufficient to cover them, with a time limit for initiating such claims.

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