HB 406 Summary

• Adopts the Uniform Real Property Transfer on Death Act, allowing property owners to transfer real property to designated beneficiaries upon death without probate by recording a transfer on death deed.

• Permits property owners to retain all ownership rights during their lifetime, including the ability to sell the property, revoke the deed, or change beneficiaries.

• Transfer on death deeds must contain essential elements of a recordable inter vivos deed, state that transfer occurs at the owner's death, and be recorded before the owner's death with the judge of probate.

• Deeds are revocable only through specific instruments (another transfer on death deed, instrument of revocation, or inter vivos deed) that are acknowledged and recorded before the owner's death; revocation by physical act on the deed is not permitted.

• Becomes effective January 1, 2017, and applies to transfer on death deeds made before, on, or after that date by transferors dying on or after January 1, 2017.