Bill > SB651

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 validating a will and distributing assets. The bill outlines the requirements for creating, revoking, and recording these deeds, including specific forms and procedures for clerks of the circuit court, and clarifies that these deeds are non-testamentary (meaning they do not function as a will) and can be revoked by the owner at any time before their death through a new deed or a separate revocation instrument. Importantly, this new type of deed is exempt from certain property transfer taxes when the property is the transferor's primary or secondary residence, and it modifies existing laws regarding property recordation and disclaimers of property interests to accommodate these transfer-on-death deeds.