SB 01162 Summary

• Adopts the Uniform Partition of Heirs Property Act, establishing new procedures for partitioning real property held in tenancy in common where 20% or more of interests are held by relatives, effective October 1, 2013.

• Requires courts to determine fair market value of heirs property through court-ordered appraisals and provides cotenants an opportunity to purchase interests of those requesting partition by sale before the property is sold.

• Prioritizes partition in kind (dividing property into distinct parcels) unless the court finds it would cause manifest prejudice, considering factors like property divisibility, sentimental value, and duration of family ownership.

• Adopts the Uniform Real Property Transfer on Death Act, allowing individuals to transfer real property to designated beneficiaries effective upon death through a revocable transfer on death deed that must be recorded before death.

• Modifies power of attorney law to clarify that principals may specify exclusive means of revocation and the date certain upon which powers of attorney cease to be effective.