Bill > HB738

This bill establishes a "transfer-on-death deed" for real property in Maryland, allowing property owners to designate beneficiaries who will automatically inherit the property upon the owner's death, bypassing the probate process, which is the legal process of administering a deceased person's estate. The bill outlines the requirements for creating, revoking, and recording these deeds, including specific forms for their creation and revocation, and clarifies that these deeds are non-testamentary (meaning they are not part of a will) and revocable by the owner during their lifetime. It also addresses how these deeds interact with existing laws regarding disclaimers of property interests, joint ownership, and the transfer of property for tax assessment purposes, and importantly, exempts these transfer-on-death deeds from recordation and transfer taxes when the property is a primary or secondary residence of the transferor. The provisions of this Act will apply retroactively to deeds executed before its effective date, as long as the transferor dies on or after October 1, 2026, which is the date the Act takes effect.